Oppenheimer Rochester Amt-free New York Municipal Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-4054

Oppenheimer AMT-Free New York Municipals

(Exact name of registrant as specified in charter)

6803 South Tucson Way, Centennial, Colorado 80112-3924
(Address of principal executive offices) (Zip code)

Robert G. Zack, Esq.
OppenheimerFunds, Inc.
Two World Financial Center, New York, New York 10281-1008
(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: September 30

Date of reporting period: 03/31/2011

Item 1. Reports to Stockholders.

TOP HOLDINGS AND ALLOCATIONS

Top Ten Categories
Tobacco — Master Settlement Agreement	23.1	%
Higher Education	14.9
Hospital/Healthcare	7.0
Sales Tax Revenue	6.8
General Obligation	6.6
Not-for-profit organizations	5.9
Real Estate	5.6
Electric Utilities	4.5
Adult Living Facilities	3.4
Sewer Utilities	3.2

Portfolio holdings are subject to change. Percentages are as of March 31, 2011, and are based on total assets.

Credit Allocation
Credit Rating Breakdown	NRSRO Only Total
AAA		5.4	%
AA		21.7
A		13.9
BBB		35.5
BB and Lower		6.8
Unrated		16.7
Total		100.0	%

The percentages above are based on the market value of the Fund’s securities as of March 31, 2011, and are subject to change. All securities except for those labeled “unrated” have been rated by at least one Nationally Recognized Statistical Rating Organization (“NRSRO”), such as Standard & Poor’s (“S&P”). For securities rated only by an NRSRO other than S&P, OppenheimerFunds, Inc. (the “Manager”) converts that rating to the equivalent S&P rating. If two or more NRSROs have assigned a rating to a security, the highest rating is used. Unrated securities do not necessarily indicate low credit quality.

For the purposes of this Credit Allocation table, “investment-grade” securities are securities rated within the NRSROs’ four highest rating categories, which include AAA, AA, A and BBB. Securities not rated by an NRSRO may or may not be equivalent of investment grade. For further details, please consult the Fund’s prospectus or Statement of Additional Information.

12 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES

Total returns include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. Cumulative total returns are not annualized. The Fund’s total returns shown do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

This semiannual report must be preceded or accompanied by the current prospectus of Oppenheimer AMT-Free New York Municipals. Investors should consider the Fund’s investment objectives, risks, expenses and other charges carefully before investing. The Fund’s prospectus and, if available, the Fund’s summary prospectus contain this and other information about the Fund, and may be obtained by asking your financial advisor, calling us at 1.800.525.7048 or visiting our website at www.oppenheimerfunds.com. Read the prospectus and, if available, the summary prospectus carefully before investing.

The Fund’s investment strategy and focus can change over time. The mention of specific fund holdings does not constitute a recommendation by OppenheimerFunds, Inc.

Class A shares of the Fund were first publicly offered on 8/16/84. Unless otherwise noted, Class A returns include the current maximum initial sales charge of 4.75%.

Class B shares of the Fund were first publicly offered on 3/1/93. Unless otherwise noted, Class B returns include the applicable contingent deferred sales charge of 5% (1-year) and 2% (5-year). Because Class B shares convert to Class A shares 72 months after purchase, the 10-year return for Class B uses Class A performance for the period after conversion. Class B shares are subject to an annual 0.75% asset-based sales charge.

Class C shares of the Fund were first publicly offered on 8/29/95. Unless otherwise noted, Class C returns include the applicable 1% contingent deferred sales charge for the 1-year period. Class C shares are subject to an annual 0.75% asset-based sales charge.

Class Y shares of the Fund were first publicly offered on 1/31/11. Class Y shares are offered only to fee-based clients of dealers that have a special agreement with the Distributor, to certain institutional investors under a special agreement with the Distributor, and to present or former officers, directors, trustees or employees (and their eligible family members) of the Fund, the Manager, its affiliates, its parent company and the subsidiaries of its parent company, and retirement plans established for the benefit of such individuals. There is no sales charge for Class Y shares.

An explanation of the calculation of performance is in the Fund’s Statement of Additional Information.

13 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FUND EXPENSES

Fund Expenses. As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions and (2) ongoing costs, including management fees; distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire 6-month period ended March 31, 2011.

Actual Expenses. The first section of the table provides information about actual account values and actual expenses. You may use the information in this section for the class of shares you hold, together with the amount you invested, to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The second section of the table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares, and an assumed rate of return of 5% per year for each class before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example for the class of shares you hold with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or contingent deferred sales charges (loads), or a $12.00 fee imposed annually on accounts valued at less than $500.00 (subject to exceptions described in the Statement of Additional Information). Therefore, the “hypothetical” section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

14 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

	Beginning		��	Ending		Expenses
	Account			Account		Paid During
	Value			Value		6 Months Ended
Actual	October 1, 2010			March 31, 2011		March 31, 20111,2
Class A	$	1,000.00		$	893.00	$	4.87
Class B		1,000.00			889.20		8.95
Class C		1,000.00			888.80		8.56
Class Y		1,000.00			1,003.00		1.27
Hypothetical (5% return before expenses)
Class A		1,000.00			1,019.80		5.20
Class B		1,000.00			1,015.51		9.54
Class C		1,000.00			1,015.91		9.14
Class Y		1,000.00			1,021.09		3.89

1.

Actual expenses paid for Classes A, B, and C are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period). Actual expenses paid for Class Y are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 60/365 to reflect the period from January 31, 2011 (inception of offering) to March 31, 2011.

2.

Hypothetical expenses paid for all classes are equal to the Fund’s annualized expense ratio for that class, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

Those annualized expense ratios based on the 6-month period ended March 31, 2011 for Classes A, B and C and for the period from January 31, 2011 (inception of offering) to March 31, 2011 for Class Y are as follows:

Class	Expense Ratios
Class A		1.03	%
Class B		1.89
Class C		1.81
Class Y		0.77

The expense ratios reflect voluntary waivers or reimbursements of expenses by the Fund’s Manager. Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein. The “Financial Highlights” tables in the Fund’s financial statements, included in this report, also show the gross expense ratios, without such waivers or reimbursements and reduction to custodian expenses, if applicable.

15 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS March 31, 2011 / Unaudited

Principal
Amount			Coupon			Maturity		Value
Municipal Bonds and Notes—118.2%
New York—88.1%
$	700,000	Albany County, NY IDA (Albany College of Pharmacy)1		5.625	%		12/01/2034	$	627,214
	200,000	Albany County, NY IDA (Wildwood Programs)		4.900			07/01/2021		163,590
	125,000	Albany County, NY IDA (Wildwood Programs)		5.000			07/01/2026		95,475
	2,900,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2031		2,638,275
	560,000	Albany, NY IDA (Albany Law School)1		5.000			07/01/2037		480,469
	285,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2027		231,600
	150,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2032		115,077
	100,000	Albany, NY IDA (Brighter Choice Charter School)1		5.000			04/01/2037		73,653
	14,500,000	Albany, NY IDA (Charitable Leadership)		5.750			07/01/2026		9,283,480
	1,000,000	Albany, NY IDA (Charitable Leadership)		6.000			07/01/2019		640,610
	100,000	Albany, NY IDA (New Covenant Charter School)2		7.000			05/01/2025		29,991
	750,000	Albany, NY IDA (Sage Colleges)1		5.250			04/01/2019		678,743
	500,000	Albany, NY IDA (Sage Colleges)1		5.300			04/01/2029		392,305
	1,000,000	Albany, NY IDA (St. Peter’s Hospital)1		5.500			11/15/2027		955,880
	1,380,000	Albany, NY IDA, Series B1		5.750			11/15/2032		1,311,193
	1,365,000	Albany, NY IDA, Series D1		5.750			11/15/2027		1,340,553
	100,000	Albany, NY Municipal Water Finance Authority1		5.000			12/01/2033		94,052
	10,000	Albany, NY Parking Authority1		5.625			07/15/2025		10,046
	4,535,000	Amherst, NY IDA (Beechwood Health Care Center)		5.200			01/01/2040		3,110,602
	20,000	Amherst, NY IDA (UBF Faculty-Student Hsg. Corp.)		5.250			08/01/2031		17,809
	5,895,000	Brookhaven, NY IDA (Alternatives for Children)		7.550			02/01/2033		5,628,428
	9,235,000	Brookhaven, NY IDA (Dowling College)1		6.750			11/01/2032		8,198,741
	7,480,000	Brooklyn, NY Local Devel. Corp. (Barclays Center Arena)1		6.375			07/15/2043		7,383,284
	350,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2030		287,938
	250,000	Broome County, NY IDA (University Plaza)		5.200			08/01/2036		194,255
	300,000	Bushnell Basin, NY Fire Assoc. (Volunteer Fire Dept.)		5.750			11/01/2030		258,051
	25,000	Canandaigua & Bristol, NY GO		5.000			12/15/2027		24,664
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2028		29,174
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2029		28,938
	30,000	Canandaigua & Bristol, NY GO		5.000			12/15/2030		28,693
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2031		33,349
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2032		33,306
	35,000	Canandaigua & Bristol, NY GO		5.000			12/15/2033		33,090
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2034		37,415
	40,000	Canandaigua & Bristol, NY GO		5.000			12/15/2035		37,007
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2036		41,169
	45,000	Canandaigua & Bristol, NY GO		5.000			12/15/2037		40,874
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2038		45,021
	50,000	Canandaigua & Bristol, NY GO		5.000			12/15/2039		45,007

16 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	55,000	Canandaigua & Bristol, NY GO		5.000	%		12/15/2040	$	49,081
	55,000	Canandaigua & Bristol, NY GO		5.000			12/15/2041		48,792
	60,000	Canandaigua & Bristol, NY GO		5.000			12/15/2042		52,912
	200,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.000			05/01/2023		183,134
	520,000	Cattaraugus County, NY IDA (St. Bonaventure University)1		5.100			05/01/2031		443,628
	1,285,000	Cayuga County, NY COP (Auburn Memorial Hospital)		6.000			01/01/2021		1,280,181
	130,000	Coeymans, NY Fire District		5.000			10/15/2024		132,404
	135,000	Coeymans, NY Fire District		5.000			10/15/2025		136,856
	140,000	Coeymans, NY Fire District		5.000			10/15/2026		141,582
	1,040,000	Colonie, NY GO1		6.000			04/01/2032		1,082,734
	840,000	Colonie, NY GO1		6.000			04/01/2033		871,038
	15,000	Deerfield, NY GO		5.500			06/15/2021		15,237
	15,000	Deerfield, NY GO		5.500			06/15/2022		15,168
	15,000	Deerfield, NY GO		5.500			06/15/2023		15,084
	15,000	Deerfield, NY GO		5.500			06/15/2024		15,110
	20,000	Deerfield, NY GO		5.500			06/15/2025		20,025
	20,000	Deerfield, NY GO		5.600			06/15/2026		19,897
	20,000	Deerfield, NY GO		5.600			06/15/2027		19,705
	20,000	Deerfield, NY GO		5.600			06/15/2028		19,439
	25,000	Deerfield, NY GO		5.600			06/15/2029		24,113
	25,000	Deerfield, NY GO		5.600			06/15/2030		23,921
	25,000	Deerfield, NY GO		5.600			06/15/2031		23,864
	25,000	Deerfield, NY GO		5.600			06/15/2032		23,807
	30,000	Deerfield, NY GO		5.600			06/15/2033		28,395
	30,000	Deerfield, NY GO		5.600			06/15/2034		28,148
	30,000	Deerfield, NY GO		5.600			06/15/2035		27,827
	35,000	Deerfield, NY GO		5.600			06/15/2036		32,087
	55,135,000	Dutchess County, NY IDA (Bard College)1		5.000			08/01/2046		49,060,777
	8,215,000	Dutchess County, NY IDA (Elant Fishkill)		5.250			01/01/2037		5,681,001
	570,000	Dutchess County, NY Local Devel. Corp. (Anderson Center Services)1		6.000			10/01/2030		526,338
	250,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.250			07/01/2025		245,798
	300,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2030		299,970
	100,000	Dutchess County, NY Local Devel. Corp. (Health Quest System)1		5.750			07/01/2040		95,766
	1,230,000	East Hampton, NY Town Hsg. Authority1		6.500			05/01/2034		1,327,822
	500,000	Erie County, NY IDA (Charter School Applied Tech)		6.875			06/01/2035		469,360
	1,200,000	Erie County, NY IDA (DePaul Properties)		5.750			09/01/2028		814,836
	140,000	Erie County, NY IDA (DePaul Properties)		6.500			09/01/2018		117,782

17 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	195,000	Erie County, NY IDA (Global Concepts Charter School)		6.250	%		10/01/2037	$	165,744
	5,600,000	Erie County, NY IDA (Medaille College)		7.625			04/01/2035		5,718,496
	350,000	Erie County, NY IDA (Orchard Park CCRC)		5.000			11/15/2014		336,424
	1,485,000	Erie County, NY IDA (Orchard Park CCRC)		5.125			11/15/2016		1,375,481
	4,390,000	Erie County, NY IDA (Orchard Park CCRC)		6.000			11/15/2036		3,258,521
	4,130,000	Erie County, NY IDA (The Episcopal Church Home)		5.875			02/01/2018		4,083,496
	1,880,000	Erie County, NY IDA (The Episcopal Church Home)		6.000			02/01/2028		1,732,138
	36,405,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2038		25,525,366
	29,515,000	Erie County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2045		19,945,647
	56,000,000	Erie County, NY Tobacco Asset Securitization Corp.		6.8753			06/01/2050		847,840
	92,000,000	Erie County, NY Tobacco Asset Securitization Corp.		9.6073			06/01/2055		665,160
	110,000	Essex County, NY IDA (North Country Community College Foundation)1		5.300			06/01/2035		100,888
	60,000	Franklin County, NY IDA (North Country Community College Foundation)1		5.200			06/01/2025		60,375
	815,000	Genesee County, NY IDA (United Memorial Medical Center)		5.000			12/01/2027		637,843
	70,000	Hempstead Village, NY GO1		5.000			09/15/2025		69,042
	70,000	Hempstead Village, NY GO1		5.000			09/15/2026		68,198
	50,000	Hempstead, NY IDA (Hofstra University)1		5.000			07/01/2033		48,176
	410,000	Hempstead, NY IDA (Peninsula Counseling Center)		6.500			11/01/2038		338,521
	5,035,000	Hempstead, NY IDA (WORCA)		6.900			08/01/2033		4,468,663
	1,000,000	Hempstead, NY Local Devel. Corp. (Molloy College)1		5.750			07/01/2039		966,070
	1,790,000	Herkimer County, NY IDA (Herkimer County College Foundation)1		6.250			08/01/2034		1,717,791
	25,085,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		20,584,249
	3,400,000	Hudson Yards, NY Infrastructure Corp.1		5.000			02/15/2047		2,789,972
	2,420,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		2,021,716
	280,000	Islip, NY IDA (United Cerebral Palsy Assoc.)		6.250			12/01/2031		233,918
	515,000	Madison County, NY IDA (Commons II Student Hsg.)1		5.000			06/01/2040		423,737
	10,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.000			05/01/2013		9,947
	15,000	Monroe County, NY IDA (Cloverwood Senior Living)		6.750			05/01/2023		13,660
	350,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.250			04/01/2019		338,905
	705,000	Monroe County, NY IDA (Rochester Institute of Technology)1		5.375			04/01/2029		625,666
	200,000	Monroe County, NY IDA (Summit at Brighton)		5.375			07/01/2032		140,482
	400,000	Monroe County, NY IDA (Summit at Brighton)		5.500			07/01/2027		307,780
	10,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)4		5.500			08/15/2040		10,130,800
	4,475,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester)4		5.750			08/15/2035		4,765,640
	302,900,000	Monroe County, NY Tobacco Asset Securitization Corp. (TASC)		7.7013			06/01/2061		1,120,730

18 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,000,000	Monroe, NY Newpower Corp1		5.625	%		01/01/2026	$	941,150
	4,000,000	Monroe, NY Newpower Corp.1		5.500			01/01/2034		3,475,360
	500,000	Mount Vernon, NY IDA (Meadowview)		6.200			06/01/2029		428,960
	20,000	Nassau County, NY IDA (ACDS)		5.950			11/01/2022		17,554
	430,000	Nassau County, NY IDA (ALIA-ACDS)		6.125			09/01/2018		399,328
	1,875,000	Nassau County, NY IDA (ALIA-AP)		7.000			09/01/2028		1,720,163
	600,000	Nassau County, NY IDA (ALIA-CMA)		6.125			09/01/2018		557,202
	660,000	Nassau County, NY IDA (ALIA-CSMR)		6.125			09/01/2018		612,922
	425,000	Nassau County, NY IDA (ALIA-EFLI)		6.125			09/01/2018		394,685
	340,000	Nassau County, NY IDA (ALIA-HAII)		6.125			09/01/2018		315,748
	395,000	Nassau County, NY IDA (ALIA-NCMRS)		6.125			09/01/2018		366,825
	180,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.500			01/01/2027		169,508
	4,595,000	Nassau County, NY IDA (Amsterdam at Harborside)		6.700			01/01/2043		4,198,773
	140,000	Nassau County, NY IDA (CSMR)		5.950			11/01/2022		122,881
	60,000	Nassau County, NY IDA (Epilepsy Foundation of L.I.)		5.950			11/01/2022		52,663
	185,000	Nassau County, NY IDA (Hispanic Counseling Center)		6.500			11/01/2037		153,097
	2,555,000	Nassau County, NY IDA (Hispanic Counseling Center)		7.625			06/01/2033		2,495,520
	100,000	Nassau County, NY IDA (Life’s WORCA)		5.950			11/01/2022		87,772
	350,000	Nassau County, NY IDA (New York Institute of Technology)1		4.750			03/01/2026		330,481
	70,000	Nassau County, NY IDA (United Veteran’s Beacon House)		6.500			11/01/2037		57,929
	675,000	Nassau County, NY IDA, Series A-B		6.000			07/01/2021		604,206
	26,655,000	Nassau County, NY Tobacco Settlement Corp.1		5.125			06/01/2046		17,548,586
	85,990,000	Nassau County, NY Tobacco Settlement Corp.		6.1513			06/01/2046		2,635,594
	60,000,000	Nassau County, NY Tobacco Settlement Corp.		6.7633			06/01/2060		311,400
	37,830,000	Nassau County, NY Tobacco Settlement Corp. (TASC)1		5.000			06/01/2035		26,665,989
	2,500,000	Niagara County, NY IDA (American Ref-Fuel Company)1		5.550			11/15/2024		2,541,425
	840,000	Niagara County, NY IDA (Niagara Falls Memorial Medical Center)		5.750			06/01/2018		794,833
	555,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2034		489,482
	385,000	Niagara County, NY Tobacco Asset Securitization Corp.1		6.250			05/15/2040		331,527
	20,000	Niagara County, NY Tobacco Asset Securitization Corp. (TASC)1		5.500			05/15/2019		18,514
	70,000	Niagara Falls, NY Public Water Authority		5.500			07/15/2034		66,770
	1,185,000	NY Counties Tobacco Trust I1		6.500			06/01/2035		1,070,517
	14,670,000	NY Counties Tobacco Trust II (TASC)1		5.625			06/01/2035		11,312,330
	100,000	NY Counties Tobacco Trust II (TASC)1		5.750			06/01/2043		73,407
	5,120,000	NY Counties Tobacco Trust III1		6.000			06/01/2043		4,225,587
	850,000	NY Counties Tobacco Trust IV1		5.000			06/01/2038		581,528
	5,900,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2042		3,966,570
	11,240,000	NY Counties Tobacco Trust IV (TASC)1		5.000			06/01/2045		7,349,386

19 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	3,500,000	NY Counties Tobacco Trust IV (TASC)1		6.250	%		06/01/2041	$	3,137,400
	84,200,000	NY Counties Tobacco Trust V		6.8503			06/01/2055		746,854
	334,000,000	NY Counties Tobacco Trust V		7.8503			06/01/2060		1,379,420
	30,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.125			01/15/2044		27,285,600
	20,000,000	NY Liberty Devel. Corp. (Bank of America Tower)4		5.625			01/15/2046		19,653,400
	560,000	NY Liberty Devel. Corp. (Bank of America Tower)1		5.625			01/15/2046		550,295
	3,000,000	NY Liberty Devel. Corp. (Bank of America Tower)1		5.625			07/15/2047		2,776,080
	1,000,000	NY Liberty Devel. Corp. (Bank of America Tower)1		6.375			07/15/2049		998,030
	235,000	NY MTA, Series 2008C1		6.500			11/15/2028		261,026
	2,675,000	NY MTA, Series B1		5.000			11/15/2033		2,521,054
	1,000,000	NY MTA, Series D1		5.000			11/15/2034		934,890
	7,580,000	NY Seneca Nation Indians Capital Improvements1		5.000			12/01/2023		6,078,250
	2,000,000	NY Seneca Nation Indians Capital Improvements1		5.250			12/01/2016		1,867,860
	110,000,000	NY TSASC, Inc. (TFABs)1		5.125			06/01/2042		73,344,700
	5,000,000	NYC Capital Resources Corp. (Albee Retail Devel.)		7.250			11/01/2042		4,904,150
	11,000,000	NYC GO4		5.125			03/01/2026		11,464,420
	10,000	NYC GO1		5.300			01/15/2026		10,273
	15,000,000	NYC GO4		5.375			04/01/2036		15,204,300
	15,000	NYC GO1		5.500			11/15/2037		15,039
	20,000,000	NYC GO4		5.625			11/15/2031		20,931,666
	45,000	NYC GO1		6.000			05/15/2022		45,155
	5,000	NYC GO1		7.500			02/01/2019		5,028
	142,436	NYC HDC (Cadman Towers)		6.500			11/15/2018		143,095
	40,132	NYC HDC (Corlear)		6.500			11/15/2018		42,254
	450,000	NYC HDC (Multifamily Hsg.)1		5.500			11/01/2034		453,627
	410,000	NYC HDC (Multifamily Hsg.)1		5.550			11/01/2039		416,917
	1,590,000	NYC HDC (Multifamily Hsg.)1		5.700			11/01/2046		1,600,446
	30,000	NYC HDC (Multifamily Hsg.), Series E1		6.250			05/01/2036		30,013
	118,285	NYC HDC (St. Martin Tower)		6.500			11/15/2018		118,833
	3,700,000	NYC Health & Hospital Corp. (Health System)1		5.000			02/15/2030		3,555,589
	60,000	NYC IDA (Assoc. for Metro Area Autistic Children)		4.500			07/01/2021		47,424
	2,760,000	NYC IDA (Beth Abraham Health Services)		6.500			02/15/2022		2,334,656
	500,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2027		422,410
	2,100,000	NYC IDA (Beth Abraham Health Services)		6.500			11/15/2034		1,739,871
	6,000,000	NYC IDA (Calhoun School)		6.625			12/01/2034		5,043,420
	500,000	NYC IDA (Calhoun School)		6.625			12/01/2034		414,855
	960,000	NYC IDA (Center for Elimination of Family Violence)		7.375			11/01/2036		898,301
	795,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		639,888
	1,030,000	NYC IDA (Center for Nursing/Rehabilitation)		5.375			08/01/2027		829,037
	3,240,000	NYC IDA (Chapin School)		5.000			11/01/2038		2,562,937

20 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	150,000	NYC IDA (Comprehensive Care Management)		6.000	%		05/01/2026	$	124,079
	350,000	NYC IDA (Comprehensive Care Management)		6.125			11/01/2035		273,522
	780,000	NYC IDA (Eger Harbor House)		5.875			05/20/2044		793,634
	725,000	NYC IDA (Family Support Systems)2		7.500			11/01/2034		462,101
	1,825,000	NYC IDA (Guttmacher Institute)		5.750			12/01/2036		1,384,336
	540,000	NYC IDA (Independent Living Assoc.)		6.200			07/01/2020		497,205
	18,700,000	NYC IDA (Liberty-7 World Trade Center)		6.500			03/01/2035		18,303,747
	10,850,000	NYC IDA (Liberty-7 World Trade Center)		6.750			03/01/2015		10,856,293
	4,000,000	NYC IDA (Lycee Francais De New York)1		6.800			06/01/2028		4,123,680
	950,000	NYC IDA (Magen David Yeshivah)		5.700			06/15/2027		474,972
	420,000	NYC IDA (Manhattan Community Access Corp.)		6.000			12/01/2036		329,603
	210,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		166,095
	1,020,000	NYC IDA (Margaret Tietz Nursing & Rehabilitation Center)		6.375			11/01/2038		806,749
	2,300,000	NYC IDA (Montefiore Medical Center Corp.)1		5.125			11/01/2035		2,293,514
	6,045,000	NYC IDA (Mount St. Vincent)		5.250			06/01/2036		5,255,281
	1,375,000	NYC IDA (Polytechnic University)1		5.250			11/01/2027		1,300,654
	1,500,000	NYC IDA (Polytechnic University)1		5.250			11/01/2037		1,331,415
	580,000	NYC IDA (PSCH)		6.375			07/01/2033		483,865
	4,000,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2031		3,406,640
	5,500,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2039		4,502,740
	3,240,000	NYC IDA (Queens Baseball Stadium)1		5.000			01/01/2046		2,597,152
	750,000	NYC IDA (Reece School)		7.500			12/01/2037		652,103
	340,000	NYC IDA (Special Needs Facilities Pooled Program)		6.650			07/01/2023		325,349
	1,400,000	NYC IDA (Staten Island University Hospital)1		6.450			07/01/2032		1,342,880
	756,500	NYC IDA (Studio School)		7.000			11/01/2038		641,769
	5,345,000	NYC IDA (The Child School)		7.550			06/01/2033		5,115,325
	970,000	NYC IDA (Tides Two Rivers Foundation)		5.650			12/01/2039		708,372
	3,500,000	NYC IDA (Unicef)		5.300			11/01/2038		2,510,690
	5,600,000	NYC IDA (Urban Resource Institute)		7.375			11/01/2033		4,971,344
	545,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		487,399
	785,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2021		702,033
	360,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		295,841
	150,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2028		123,267
	100,000	NYC IDA (Vaughn College Aeronautics)1		5.000			12/01/2031		80,261
	2,020,000	NYC IDA (Vaughn College Aeronautics)1		5.250			12/01/2036		1,609,233
	5,600,000	NYC IDA (Vocational Instruction)		7.7505			02/01/2033		3,163,720
	2,525,000	NYC IDA (Yankee Stadium)1		7.000			03/01/2049		2,713,188
	2,700,000	NYC IDA (Yeled Yalda Early Childhood)		5.725			11/01/2037		2,010,771
	55,000	NYC IDA (YMCA of Greater New York)1		5.800			08/01/2016		55,114

21 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	50,000	NYC Municipal Water Finance Authority1		5.000	%		06/15/2032	$	49,998
	20,000,000	NYC Municipal Water Finance Authority4		5.000			06/15/2037		19,415,562
	20,000	NYC Municipal Water Finance Authority1		5.250			06/15/2025		20,345
	40,000,000	NYC Municipal Water Finance Authority4		5.500			06/15/2040		41,126,000
	20,000,000	NYC Transitional Finance Authority4		5.000			01/15/2034		19,638,200
	5,500,000	NYC Transitional Finance Authority1		5.000			02/01/2035		5,420,525
	50,000	NYC Trust for Cultural Resources (Museum of American Folk Art)		6.000			07/01/2022		27,606
	15,000	NYS DA (Audit & Control)1		5.000			04/01/2029		15,004
	30,000	NYS DA (Augustana Lutheran Home for the Aged)1		5.500			08/01/2038		30,325
	6,425,000	NYS DA (FIT/FIT Student Hsg. Corp. Obligated Group)1		5.250			07/01/2027		6,304,017
	3,765,000	NYS DA (FIT/FIT Student Hsg. Corp. Obligated Group)1		5.250			07/01/2028		3,658,601
	750,000	NYS DA (Highland Hospital of Rochester)1		5.000			07/01/2026		732,353
	750,000	NYS DA (Highland Hospital of Rochester)1		5.200			07/01/2032		712,928
	1,045,000	NYS DA (Interagency Council)		7.000			07/01/2035		970,523
	1,870,000	NYS DA (Lenox Hill Hospital Obligated Group)1		5.500			07/01/2030		1,788,562
	2,000,000	NYS DA (LIJMC/NSUH/NSUHGC Obligated Group)1		5.500			05/01/2037		1,914,560
	365,000	NYS DA (Manhattan College)		5.300			07/01/2037		318,820
	1,360,000	NYS DA (New York Methodist Hospital)1		5.250			07/01/2024		1,360,286
	5,000,000	NYS DA (New York University)1		5.000			07/01/2037		4,826,050
	425,000	NYS DA (Orange Regional Medical Center)1		6.125			12/01/2029		392,636
	6,120,000	NYS DA (Orange Regional Medical Center)1		6.250			12/01/2037		5,564,855
	325,000	NYS DA (Ozanam Hall of Queens Nursing Home)1		5.000			11/01/2026		259,435
	20,000,000	NYS DA (Personal Income Tax)4		5.000			03/15/2037		19,530,600
	490,000	NYS DA (Providence Rest)		5.000			07/01/2035		295,637
	1,300,000	NYS DA (Providence Rest)		5.125			07/01/2030		859,495
	340,000	NYS DA (Providence Rest)		5.250			07/01/2025		249,628
	650,000	NYS DA (Rochester General Hospital)		5.000			12/01/2035		531,590
	500,000	NYS DA (Rochester Institute of Technology)1		5.000			07/01/2040		461,755
	70,000	NYS DA (Sarah Neuman Nursing Home)		5.500			08/01/2037		69,036
	250,000	NYS DA (School District Bond Financing Program), Series C1		7.250			10/01/2028		286,843
	360,000	NYS DA (School District Bond Financing Program), Series C1		7.375			10/01/2033		408,359
	200,000	NYS DA (School District Bond Financing Program), Series C1		7.500			04/01/2039		225,360
	500,000	NYS DA (St. Joseph’s College)1		5.250			07/01/2035		468,090
	115,000	NYS DA (St. Joseph’s Hospital Health Center)1		5.250			07/01/2018		115,023
	20,000,000	NYS DA (St. Mary’s Hospital for Children)		7.875			11/15/2041		18,433,400
	20,000,000	NYS DA (State Personal Income Tax Authority)4		5.750			03/15/2036		21,414,907
	760,000	NYS DA (The Bronx-Lebanon Hospital Center)1		6.250			02/15/2035		792,513
	1,070,000	NYS DA (Winthrop University Hospital)1		5.500			07/01/2023		1,078,218

22 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity			Value
New York Continued
$	100,000	NYS DA (Winthrop University Hospital/South Nassau Communities Hospital Obligated Group)1		5.500	%		07/01/2032		$	94,833
	20,000	NYS EFC (Clean Water & Drinking Revolving Funds)1		5.000			06/15/2027			20,117
	50,000	NYS EFC (NYS Water Services)1		6.600			09/15/2012			50,253
	20,000	NYS HFA (Affordable Hsg.)1		5.450			11/01/2040			20,134
	50,000	NYS Medcare (Hospital & Nursing Home)1		6.375			08/15/2033			50,143
	2,330,000	NYS UDC (State Personal Income Tax Authority)1		5.000			03/15/2037			2,275,315
	295,000	NYS UDC (Subordinated Lien)1		5.500			07/01/2022			295,929
	250,000	Oneida County, NY IDA (Mohawk Valley Handicapped Services)		5.300			03/15/2019			224,188
	55,000	Onondaga County, NY IDA (Salina Free Library)		5.500			12/01/2022			56,999
	1,615,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.200			07/01/2029			1,527,483
	1,810,000	Onondaga, NY Civic Devel Corp. (Le Moyne College)1		5.375			07/01/2040			1,680,531
	755,000	Orange County, NY IDA (Glen Arden)		5.625			01/01/2018			654,215
	275,000	Orange County, NY IDA (Glen Arden)		5.700			01/01/2028			202,323
	9,190,000	Otsego County, NY IDA (Hartwick College)1		5.900			07/01/2022			8,464,358
	5,000,000	Port Authority NY/NJ, 166th Series1		5.250			07/15/2036			5,031,950
	2,680,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.625			06/01/2035			2,146,626
	2,000,000	Rensselaer County, NY Tobacco Asset Securitization Corp.1		5.750			06/01/2043			1,589,800
	415,000	Rensselaer County, NY Water Service Sewer Authority1		5.350			09/01/2047			395,839
	6,810,000	Rensselaer, NY City School District COP		5.000			06/01/2026			6,405,486
	1,200,000	Rensselaer, NY City School District COP		5.000			06/01/2036			995,724
	1,060,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.625			08/15/2035			848,403
	3,150,000	Rockland County, NY Tobacco Asset Securitization Corp.1		5.750			08/15/2043			2,502,990
	101,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.252 3			08/15/2045			3,006,770
	53,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		6.637 3			08/15/2050			784,930
	50,000,000	Rockland County, NY Tobacco Asset Securitization Corp.		7.676 3			08/15/2060			202,000
	2,500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Benedict Community Health Center)1		5.125			12/01/2033			2,247,800
	230,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)1		5.125			12/01/2027			216,580
	1,500,000	Saratoga County, NY IDA (Saratoga Hospital/Saratoga Care/Saratoga Care Family Health Centers)1		5.250			12/01/2032			1,381,500
	105,000	Seneca County, NY IDA (New York Chiropractic College)1		5.000			10/01/2027			97,631
	45,000	Sodus Village, NY GO1		5.000			05/15/2032			45,162
	45,000	Sodus Village, NY GO1		5.000			05/15/2033			45,091
	45,000	Sodus Village, NY GO1		5.000			05/15/2034			44,875
	45,000	Sodus Village, NY GO1		5.000			05/15/2035			44,438
	45,000	Sodus Village, NY GO1		5.000			05/15/2036			43,990
	45,000	Sodus Village, NY GO1		5.000			05/15/2037	��		43,719
	11,970,000	SONYMA, Series 161 4		5.875			10/01/2039			12,365,745

23 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	810,000	St. Lawrence County, NY IDA (Edwards John Noble Hospital)		6.250	%		10/01/2040	$	726,319
	1,000,000	Suffolk County, NY Economic Devel. Corp. (Peconic Landing at Southold)1		6.000			12/01/2040		923,440
	635,000	Suffolk County, NY Economic Devel. Corp., Series A		7.375			12/01/2040		603,523
	95,000	Suffolk County, NY IDA (ALIA-Adelante)		6.500			11/01/2037		78,617
	215,000	Suffolk County, NY IDA (ALIA-DDI)		5.950			10/01/2021		191,148
	100,000	Suffolk County, NY IDA (ALIA-IGHL)		5.950			11/01/2022		87,772
	5,000	Suffolk County, NY IDA (ALIA-IGHL)		6.000			10/01/2031		4,052
	4,000,000	Suffolk County, NY IDA (ALIA-IGHL)		7.250			12/01/2033		3,705,600
	390,000	Suffolk County, NY IDA (ALIA-UVBH)		6.500			11/01/2037		322,745
	8,515,000	Suffolk County, NY IDA (Dowling College)		5.000			06/01/2036		5,585,244
	160,000	Suffolk County, NY IDA (Dowling College)1		6.700			12/01/2020		153,019
	365,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.375			01/01/2027		277,053
	685,000	Suffolk County, NY IDA (Easter Long Island Hospital Assoc.)		5.500			01/01/2037		479,000
	10,500,000	Suffolk County, NY IDA (Jefferson’s Ferry)1		5.000			11/01/2028		9,284,940
	1,000,000	Suffolk County, NY IDA (L.I. Network Community Services)		7.550			02/01/2034		953,970
	620,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		536,709
	210,000	Suffolk County, NY IDA (Nassau-Suffolk Services for Autism)		6.750			11/01/2036		181,789
	1,000,000	Suffolk County, NY IDA (New York Institute of Technology)1		5.000			03/01/2026		966,790
	5,985,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.000			11/01/2035		4,909,735
	505,000	Suffolk County, NY IDA (Pederson-Krager Center)		7.200			02/01/2035		422,776
	185,000	Suffolk County, NY IDA (Southampton Hospital Assoc.)		7.250			01/01/2020		185,424
	215,000	Suffolk County, NY IDA (Special Needs Facilities Pooled Program)		5.250			07/01/2022		178,188
	6,350,000	Suffolk, NY Tobacco Asset Securitization Corp.1		0.000 6			06/01/2044		4,695,190
	470,000	Suffolk, NY Tobacco Asset Securitization Corp.1		5.375			06/01/2028		382,998
	1,500,000	Suffolk, NY Tobacco Asset Securitization Corp.1		6.000			06/01/2048		1,162,185
	15,750,000	Suffolk, NY Tobacco Asset Securitization Corp.		8.000 3			06/01/2048		352,328
	408,000	Sullivan County, NY Community College COP		5.750			08/15/2025		320,492
	320,000	Sullivan County, NY IDA (Center for Discovery)		5.625			06/01/2013		309,587
	1,240,000	Sullivan County, NY IDA (Center for Discovery)		5.875			07/01/2022		968,155
	530,000	Sullivan County, NY IDA (Center for Discovery)		6.000			06/01/2019		471,573
	1,540,000	Sullivan County, NY IDA (Center for Discovery)		6.000			07/01/2037		1,144,497
	270,000	Sullivan County, NY IDA (Center for Discovery)		6.500			06/01/2025		230,526
	475,000	Sullivan County, NY IDA (Center for Discovery)		6.950			02/01/2035		381,710
	390,000	Syracuse, NY IDA (Crouse Irving Companies)1		5.250			01/01/2017		390,741
	200,000	Syracuse, NY IDA (Jewish Home of Central New York)		7.375			03/01/2021		191,796
	175,000	Tompkins County, NY IDA (Kendal at Ithaca)1		5.500			07/01/2024		171,441
	2,100,000	Troy, NY Capital Resource Corp. (Rensselaer Polytechnic Institute)1		5.000			09/01/2030		1,999,620

24 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
New York Continued
$	1,000,000	Ulster County, NY IDA (Kingston Regional Senior Living Corp.)		6.000	%		09/15/2042	$	734,010
	20,000	Ulster County, NY IDA (Mid-Hudson Family Health Institute)1		5.300			07/01/2016		20,048
	3,830,000	Utica, NY IDA (Utica College Civic Facility)		5.750			08/01/2028		3,291,349
	1,250,000	Utica, NY IDA (Utica College Civic Facility)		6.750			12/01/2021		1,257,850
	30,000	Voorheesville, NY GO		5.000			02/15/2023		31,233
	35,000	Voorheesville, NY GO		5.000			02/15/2024		36,287
	35,000	Voorheesville, NY GO		5.000			02/15/2025		36,038
	35,000	Voorheesville, NY GO		5.000			02/15/2026		35,965
	40,000	Voorheesville, NY GO		5.000			02/15/2027		40,896
	40,000	Voorheesville, NY GO		5.000			02/15/2028		40,710
	40,000	Voorheesville, NY GO		5.000			02/15/2029		40,628
	45,000	Voorheesville, NY GO		5.000			02/15/2030		45,522
	45,000	Voorheesville, NY GO		5.000			02/15/2031		45,316
	50,000	Voorheesville, NY GO		5.000			02/15/2032		50,301
	50,000	Voorheesville, NY GO		5.000			02/15/2033		50,250
	55,000	Voorheesville, NY GO		5.000			02/15/2034		55,080
	55,000	Voorheesville, NY GO		5.000			02/15/2035		54,769
	60,000	Voorheesville, NY GO		5.000			02/15/2036		59,073
	60,000	Voorheesville, NY GO		5.000			02/15/2037		58,718
	200,000	Westchester County, NY Healthcare Corp.1		6.000			11/01/2030		197,494
	3,000,000	Westchester County, NY Healthcare Corp., Series B1		6.125			11/01/2037		2,932,500
	370,000	Westchester County, NY IDA (Field Home)		6.500			08/15/2022		340,644
	250,000	Westchester County, NY IDA (Guiding Eyes for the Blind)1		5.375			08/01/2024		244,745
	1,670,000	Westchester County, NY IDA (Rippowam-Cisqua School)1		5.750			06/01/2029		1,604,419
	320,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2013		317,958
	600,000	Westchester County, NY IDA (Schnurmacher Center)		6.500			11/01/2033		499,758
	300,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.000			06/01/2026		260,643
	10,790,000	Westchester County, NY Tobacco Asset Securitization Corp.1		5.125			06/01/2045		7,350,040
	975,000	Yates County, NY IDA (Soldiers & Sailors Memorial Hospital)		6.000			02/01/2041		977,467
	150,000	Yonkers, NY EDC (Charter School of Educational Excellence)1		6.250			10/15/2040		133,317
	1,000,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2029		1,032,450
	4,000,000	Yonkers, NY IDA (Sarah Lawrence College)		6.000			06/01/2041		4,022,680
	400,000	Yonkers, NY IDA (St. Joseph’s Hospital), Series 98-B		6.150			03/01/2015		336,440
									929,957,098

25 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions—30.1%
$	10,000,000	Guam GO1		5.000	%		11/15/2023	$	8,758,500
	1,465,000	Guam GO1		5.250			11/15/2037		1,224,637
	850,000	Guam GO1		6.750			11/15/2029		860,421
	10,200,000	Guam GO1		7.000			11/15/2039		10,490,904
	2,000,000	Guam Government Waterworks Authority & Wastewater System1		5.625			07/01/2040		1,725,560
	2,525,000	Guam Government Waterworks Authority & Wastewater System1		5.875			07/01/2035		2,359,587
	1,000,000	Guam Government Waterworks Authority & Wastewater System1		6.000			07/01/2025		968,930
	4,165,000	Guam Power Authority, Series A1		5.125			10/01/2029		3,817,639
	9,380,000	Guam Power Authority, Series A1		5.250			10/01/2034		8,316,683
	1,400,000	Guam Power Authority, Series A1		5.500			10/01/2030		1,317,106
	1,200,000	Guam Power Authority, Series A1		5.500			10/01/2040		1,098,972
	975,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		870,929
	2,000,000	Northern Mariana Islands Commonwealth, Series A		5.000			10/01/2022		1,634,760
	400,000	Northern Mariana Islands Commonwealth, Series A1		6.750			10/01/2033		366,700
	21,210,000	Puerto Rico Aqueduct & Sewer Authority1		0.000 6			07/01/2024		21,448,825
	12,680,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		11,896,756
	1,790,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		1,663,930
	15,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375			05/15/2033		13,257
	8,400,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		6,850,452
	19,500,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		15,982,395
	4,595,000	Puerto Rico Commonwealth GO1		5.250			07/01/2031		4,178,647
	1,980,000	Puerto Rico Commonwealth GO1		5.250			07/01/2032		1,776,515
	1,185,000	Puerto Rico Commonwealth GO1		5.250			07/01/2034		1,043,250
	3,500,000	Puerto Rico Commonwealth GO1		5.250			07/01/2037		3,010,840
	485,000	Puerto Rico Commonwealth GO1		5.500			07/01/2018		502,387
	31,225,000	Puerto Rico Commonwealth GO1		5.500			07/01/2032		28,937,144
	3,445,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2022		3,481,173
	5,450,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2024		5,317,511
	5,735,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2025		5,509,270
	1,070,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2026		1,018,137
	3,410,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2027		3,227,736
	5,670,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2028		5,344,145
	1,945,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		1,819,120
	2,045,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2030		1,882,034
	2,155,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2031		1,948,077
	355,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2028		322,464
	500,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		438,780
	2,150,000	Puerto Rico Highway & Transportation Authority1		5.500			07/01/2030		2,046,865
	15,000	Puerto Rico Highway & Transportation Authority, Series A1		5.000			07/01/2038		12,382

26 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Principal
Amount			Coupon			Maturity		Value
U.S. Possessions Continued
$	7,405,000	Puerto Rico Highway & Transportation Authority, Series K1		5.000	%		07/01/2030	$	6,627,845
	22,000,000	Puerto Rico Highway & Transportation Authority, Series N1		0.7337			07/01/2045		11,893,420
	225,000	Puerto Rico Highway & Transportation Authority, Series N1		5.250			07/01/2039		192,146
	9,000,000	Puerto Rico Infrastructure1		5.000			07/01/2041		7,162,560
	5,500,000	Puerto Rico Infrastructure1		5.000			07/01/2046		4,276,250
	725,000	Puerto Rico Infrastructure1		5.500			07/01/2024		722,238
	15,000,000	Puerto Rico Infrastructure		5.650 3			07/01/2029		4,183,200
	4,600,000	Puerto Rico Infrastructure		7.460 3			07/01/2030		1,169,550
	2,500,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		2,190,825
	1,100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		846,494
	1,500,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			02/01/2029		1,282,275
	105,000	Puerto Rico ITEMECF (Guaynabo Municipal Government Center)1		5.625			07/01/2022		105,065
	4,305,000	Puerto Rico ITEMECF (Polytechnic University)1		5.000			08/01/2022		3,817,674
	1,500,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		1,360,305
	5,000,000	Puerto Rico Public Buildings Authority1		5.000			07/01/2036		4,172,250
	10,000	Puerto Rico Public Buildings Authority1		5.125			07/01/2022		9,708
	810,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2029		749,858
	1,400,000	Puerto Rico Public Buildings Authority1		6.500			07/01/2030		1,450,386
	3,500,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		3,680,040
	1,000,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021		1,096,570
	3,150,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		3,393,243
	800,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		692,624
	34,995,000	Puerto Rico Sales Tax Financing Corp., Series A4		5.250			08/01/2057		32,669,582
	19,000,000	Puerto Rico Sales Tax Financing Corp., Series A		5.9503			08/01/2056		823,080
	25,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.1003			08/01/2044		2,622,500
	27,615,000	Puerto Rico Sales Tax Financing Corp., Series A		6.1303			08/01/2043		3,121,876
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A		6.1373			08/01/2047		832,300
	18,120,000	Puerto Rico Sales Tax Financing Corp., Series A		6.1603			08/01/2036		3,273,378
	277,125,000	Puerto Rico Sales Tax Financing Corp., Series A		6.5803			08/01/2054		13,764,799
	13,000,000	Puerto Rico Sales Tax Financing Corp., Series C4		5.750			08/01/2057		13,044,850
	26,550,000	Puerto Rico Sales Tax Financing Corp., Series C		6.1903			08/01/2038		4,135,163
	1,000,000	University of Puerto Rico 1		5.000			06/01/2025		921,530
	5,925,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		5,175,606
	1,700,000	University of Puerto Rico, Series Q1		5.000			06/01/2036		1,389,562
	950,000	University of V.I., Series A 1		5.375			06/01/2034		854,221
									317,186,393
Total Investments, at Value (Cost $1,442,438,355)—118.2%									1,247,143,491
Liabilities in Excess of Other Assets—(18.2)
									(192,094,956	)
Net Assets--100.0%								$	1,055,048,535

27 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF INVESTMENTS Unaudited / Continued

Footnotes to Statement of Investments

1. All or a portion of the security position has been segregated for collateral to cover borrowings. See Note 5 of the accompanying Notes.

2. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See Note 1 of the accompanying Notes.

3. Zero coupon bond reflects effective yield on the date of purchase.

4. Security represents the underlying municipal bond on an inverse floating rate security. The bond was purchased by the Fund and subsequently transferred to a trust. See Note 1 of the accompanying Notes.

5. Subject to a forbearance agreement. Rate shown is current rate. See Note 1 of the accompanying Notes.

6. Denotes a step bond: a zero coupon bond that converts to a fixed or variable interest rate at a designated future date.

7. Represents the current interest rate for a variable or increasing rate security.

Valuation Inputs

Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1)	Level 1—unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)
2)	Level 2—inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)
3)	Level 3—significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

The table below categorizes amounts that are included in the Fund’s Statement of Assets and Liabilities as of March 31, 2011 based on valuation input level:

					Level 3
	Level 1		Level 2		Significant
	Unadjusted		Other Significant		Unobservable
	Quoted Prices		Observable Inputs		Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
New York	$	—	$	929,927,107	$	29,991	$	929,957,098
U.S. Possessions		—		317,186,393		—		317,186,393
Total Assets	$	—	$	1,247,113,500	$	29,991	$	1,247,143,491

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

See the accompanying Notes for further discussion of the methods used in determining value of the Fund’s investments, and a summary of changes to the valuation methodologies, if any, during the reporting period.

28 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

To simplify the listings of securities, abbreviations are used per the table below:

ACDS	Assoc. for Children with Down Syndrome
ALIA	Alliance of Long Island Agencies
AP	Advantage Planning, Inc.
CCRC	Continuing Care Retirement Community
CMA	Community Mainstreaming Associates, Inc.
COP	Certificates of Participation
CSMR	Community Services for the Mentally Retarded
DA	Dormitory Authority
DDI	Developmental Disabilities Institute
DRIVERS	Derivative Inverse Tax Exempt Receipts
EDC	Economic Devel. Corp.
EFC	Environmental Facilities Corp.
EFLI	Epilepsy Foundation of L.I., Inc.
FIT	Fashion Institute of Technology
GO	General Obligation
HAII	Homes Anew II, Inc.
HDC	Housing Devel. Corp.
HFA	Housing Finance Agency
IDA	Industrial Devel. Agency
IGHL	Independent Group Home for Living
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
L.I.	Long Island
LIJMC	Long Island Jewish Medical Center
MTA	Metropolitan Transportation Authority
NCMRS	Nassau Community Mental Retardation Services Company
NSUH	North Shore University Hospital
NSUHGC	North Shore University Hospital at Glen Cove
NY/NJ	New York/New Jersey
NYC	New York City
NYS	New York State
PSCH	Professional Service Centers for the Handicapped, Inc.
ROLs	Residual Option Longs
SONYMA	State of New York Mortgage Agency
TASC	Tobacco Settlement Asset-Backed Bonds
TFABs	Tobacco Flexible Amortization Bonds
UBF	University of Buffalo Foundation
UDC	Urban Devel. Corp.
UVBH	United Veteran’s Beacon House
V.I.	United States Virgin Islands
WORCA	Working Organization for Retarded Children and Adults
YMCA	Young Men’s Christian Assoc.

See accompanying Notes to Financial Statements.

29 |     OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF ASSETS AND LIABILITIES Unaudited

March 31, 2011
Assets
Investments, at value (cost $1,442,438,355)—see accompanying statement of investments	$	1,247,143,491
Cash		573,725
Receivables and other assets:
Interest		18,912,006
Investments sold		4,828,757
Shares of beneficial interest sold		1,745,160
Other		447,947
Total assets		1,273,651,086
Liabilities
Payables and other liabilities:
Payable for short-term floating rate notes issued (See Note 1)		185,290,000
Payable on borrowings (See Note 5)		27,900,000
Dividends		2,749,121
Shares of beneficial interest redeemed		1,615,219
Distribution and service plan fees		658,381
Trustees’ compensation		198,440
Shareholder communications		46,705
Transfer and shareholder servicing agent fees		32,592
Interest expense on borrowings		5,726
Other		106,367
Total liabilities		218,602,551
Net Assets	$	1,055,048,535
Composition of Net Assets
Par value of shares of beneficial interest	$	101,932
Additional paid-in capital		1,330,852,213
Accumulated net investment income		17,252,037
Accumulated net realized loss on investments		(97,862,783	)
Net unrealized depreciation on investments		(195,294,864	)
Net Assets	$	1,055,048,535

30 |      OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Net Asset Value Per Share
Class A Shares:
Net asset value and redemption price per share (based on net assets of $918,355,471 and 88,731,113 shares of beneficial interest outstanding)	$	10.35
Maximum offering price per share (net asset value plus sales charge of 4.75% of offering price)	$	10.87
Class B Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $12,848,596 and 1,240,799 shares of beneficial interest outstanding)	$	10.36
Class C Shares:
Net asset value, redemption price (excludes applicable contingent deferred sales charge) and offering price per share (based on net assets of $121,742,425 and 11,756,946 shares of beneficial interest outstanding)	$	10.35
Class Y Shares:
Net asset value, redemption price and offering price per share (based on net assets of $2,102,043 and 202,909 shares of beneficial interest outstanding)	$	10.36

See accompanying Notes to Financial Statements.

31 |      OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF OPERATIONS Unaudited

For the Six Months Ended March 31, 2011
Investment Income
Interest	$	42,529,636
Expenses
Management fees		2,720,345
Distribution and service plan fees:
Class A		1,225,826
Class B		74,340
Class C		682,003
Transfer and shareholder servicing agent fees:
Class A		156,859
Class B		8,873
Class C		31,600
Class Y		11
Shareholder communications:
Class A		28,337
Class B		1,398
Class C		4,928
Interest expense and fees on short-term floating rate notes issued (See Note 1)		940,599
Borrowing fees		579,590
Interest expense on borrowings		43,213
Trustees’ compensation		12,304
Custodian fees and expenses		3,815
Administration service fees		750
Other		89,347
Total expenses		6,604,138
Less waivers and reimbursements of expenses		(33,421	)
Net expenses		6,570,717
Net Investment Income		35,958,919
Realized and Unrealized Loss
Net realized loss on investments		(14,512,373	)
Net change in unrealized appreciation/depreciation on investments		(161,241,681	)
Net Decrease in Net Assets Resulting from Operations	$	(139,795,135	)

See accompanying Notes to Financial Statements.

32 |      OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months			Year
	Ended			Ended
	March 31, 2011			September 30,
	(Unaudited)			2010
Operations
Net investment income	$	35,958,919		$	75,720,261
Net realized gain (loss)		(14,512,373	)		20,692,648
Net change in unrealized appreciation/depreciation		(161,241,681	)		156,362
Net increase (decrease) in net assets resulting from operations		(139,795,135	)		96,569,271
Dividends and/or Distributions to Shareholders
Dividends from net investment income:
Class A		(32,058,558	)		(62,861,395	)
Class B		(405,313	)		(842,833	)
Class C		(3,787,561	)		(7,288,774	)
Class Y		(10,604	)		—
		(36,262,036	)		(70,993,002	)
Beneficial Interest Transactions
Net increase (decrease) in net assets resulting from beneficial interest transactions:
Class A		(79,044,526	)		(48,768,050	)
Class B		(2,315,668	)		(3,086,154	)
Class C		(14,745,518	)		(3,914,303	)
Class Y		2,115,685			—
		(93,990,027	)		(55,768,507	)
Net Assets
Total decrease		(270,047,198	)		(30,192,238	)
Beginning of period		1,325,095,733			1,355,287,971
End of period (including accumulated net investment income of $17,252,037 and $17,555,154, respectively)	$	1,055,048,535		$	1,325,095,733

See accompanying Notes to Financial Statements.

33 |      OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

STATEMENT OF CASH FLOWS

For the Six Months Ended March 31, 2011 (Unaudited)
Cash Flows from Operating Activities
Net decrease in net assets from operations	$	(139,795,135	)
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:
Purchase of investment securities		(177,717,602	)
Proceeds from disposition of investment securities		299,580,122
Short-term investment securities, net		13,656,192
Premium amortization		965,976
Discount accretion		(4,712,448	)
Net realized loss on investments		14,512,373
Net change in unrealized appreciation/depreciation on investments		161,241,681
Change in assets:
Decrease in interest receivable		2,445,196
Increase in other assets		(307,982	)
Increase in receivable for securities sold		(3,854,689	)
Change in liabilities:
Decrease in other liabilities		(151,558	)
Decrease in payable for securities purchased		(14,400,000	)
Net cash provided by operating activities		151,462,126
Cash Flows from Financing Activities
Proceeds from bank borrowings		252,000,000
Payments on bank borrowings		(244,500,000	)
Payments on short-term floating rate notes issued		(27,075,000	)
Proceeds from shares sold		73,999,049
Payments on shares redeemed		(194,818,756	)
Cash distributions paid		(10,890,363	)
Net cash used in financing activities		(151,285,070	)
Net increase in cash		177,056
Cash, beginning balance		396,669
Cash, ending balance	$	573,725
Supplemental disclosure of cash flow information:
Noncash financing activities not included herein consist of reinvestment of dividends and distributions of $24,188,180.
Cash paid for interest on bank borrowings—$44,369.
Cash paid for interest on short-term floating rate notes issued—$940,599.

See accompanying Notes to Financial Statements.

34 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS

	Six Months
	Ended
	March 31, 2011									Year Ended September 30,
Class A	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	11.97		$	11.73		$	10.60		$	12.68		$	13.22		$	12.91
Income (loss) from investment operations:
Net investment income1		.35			.69			.65			.62			.57			.61
Net realized and unrealized gain (loss)		(1.63	)		.19			1.07			(2.13	)		(.55	)		.34
Total from investment operations		(1.28	)		.88			1.72			(1.51	)		.02			.95
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.34	)		(.64	)		(.59	)		(.57	)		(.56	)		(.64	)
Distributions from net realized gain		—			—			—			—			—2			—
Total dividends and/or distributions to shareholders		(.34	)		(.64	)		(.59	)		(.57	)		(.56	)		(.64	)
Net asset value, end of period	$	10.35		$	11.97		$	11.73		$	10.60		$	12.68		$	13.22
Total Return, at Net Asset Value3		(10.70	)%		7.90	%		17.86	%		(12.31	)%		0.15	%		7.61	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	918,356		$	1,150,410		$	1,176,870		$	1,095,341		$	1,275,590		$	1,005,912
Average net assets (in thousands)	$	1,012,681		$	1,121,641		$	933,439		$	1,244,330		$	1,181,757		$	824,276
Ratios to average net assets:4
Net investment income		6.30	%		5.97	%		6.91	%		5.13	%		4.35	%		4.76	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.76	%		0.75	%		0.78	%		0.74	%		0.80	%		0.78	%
Interest and fees from borrowings		0.11	%		0.14	%		0.64	%		0.08	%		0.02	%		0.12	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%		0.61	%
Total expenses		1.03	%		0.97	%		1.74	%		1.42	%		1.51	%		1.51	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.03	%		0.97	%		1.74	%		1.42	%		1.51	%		1.51	%
Portfolio turnover rate		13	%		16	%		22	%		34	%		26	%		36	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Less than $0.005 per share.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

35 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Six Months
	Ended
	March 31, 2011									Year Ended September 30,
Class B	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	11.98		$	11.73		$	10.61		$	12.68		$	13.22		$	12.91
Income (loss) from investment operations:
Net investment income1		.30			.59			.57			.52			.47			.51
Net realized and unrealized gain (loss)		(1.63	)		.21			1.06			(2.12	)		(.55	)		.34
Total from investment operations		(1.33	)		.80			1.63			(1.60	)		(.08	)		.85
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.29	)		(.55	)		(.51	)		(.47	)		(.46	)		(.54	)
Distributions from net realized gain		—			—			—			—			—2			—
Total dividends and/or distributions to shareholders		(.29	)		(.55	)		(.51	)		(.47	)		(.46	)		(.54	)
Net asset value, end of period	$	10.36		$	11.98		$	11.73		$	10.61		$	12.68		$	13.22
Total Return, at Net Asset Value3		(11.08	)%		7.09	%		16.75	%		(12.96	)%		(0.65	)%		6.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,849		$	17,430		$	20,239		$	22,079		$	30,982		$	32,793
Average net assets (in thousands)	$	14,884		$	17,741		$	17,152		$	27,621		$	32,663		$	29,544
Ratios to average net assets:4
Net investment income		5.42	%		5.12	%		6.06	%		4.29	%		3.55	%		3.99	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.62	%		1.60	%		1.64	%		1.57	%		1.60	%		1.58	%
Interest and fees from borrowings		0.11	%		0.14	%		0.64	%		0.08	%		0.02	%		0.12	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%		0.61	%
Total expenses		1.89	%		1.82	%		2.60	%		2.25	%		2.31	%		2.31	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.89	%		1.82	%		2.60	%		2.25	%		2.31	%		2.30	%
Portfolio turnover rate		13	%		16	%		22	%		34	%		26	%		36	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Less than $0.005 per share.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

36 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

	Six Months
	Ended
	March 31, 2011									Year Ended September 30,
Class C	(Unaudited)			2010			2009			2008			2007			2006
Per Share Operating Data
Net asset value, beginning of period	$	11.98		$	11.73		$	10.61		$	12.68		$	13.22		$	12.91
Income (loss) from investment operations:
Net investment income1		.30			.60			.58			.53			.47			.50
Net realized and unrealized gain (loss)		(1.64	)		.20			1.06			(2.12	)		(.55	)		.35
Total from investment operations		(1.34	)		.80			1.64			(1.59	)		(.08	)		.85
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.29	)		(.55	)		(.52	)		(.48	)		(.46	)		(.54	)
Distributions from net realized gain		—			—			—			—			—2			—
Total dividends and/or distributions to shareholders		(.29	)		(.55	)		(.52	)		(.48	)		(.46	)		(.54	)
Net asset value, end of period	$	10.35		$	11.98		$	11.73		$	10.61		$	12.68		$	13.22
Total Return, at Net Asset Value3		(11.12	)%		7.17	%		16.84	%		(12.92	)%		(0.62	)%		6.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	121,742		$	157,256		$	158,179		$	141,579		$	163,976		$	106,663
Average net assets (in thousands)	$	136,581		$	150,880		$	122,746		$	160,910		$	142,905			64,991
Ratios to average net assets:4
Net investment income		5.52	%		5.19	%		6.14	%		4.35	%		3.58	%		3.89	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		1.54	%		1.52	%		1.56	%		1.52	%		1.57	%		1.54	%
Interest and fees from borrowings		0.11	%		0.14	%		0.64	%		0.08	%		0.02	%		0.12	%
Interest and fees on short-term floating rate notes issued5		0.16	%		0.08	%		0.32	%		0.60	%		0.69	%		0.61	%
Total expenses		1.81	%		1.74	%		2.52	%		2.20	%		2.28	%		2.27	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		1.81	%		1.74	%		2.52	%		2.20	%		2.28	%		2.27	%
Portfolio turnover rate		13	%		16	%		22	%		34	%		26	%		36	%

1.	Per share amounts calculated based on the average shares outstanding during the period.
2.	Less than $0.005 per share.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

37 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

FINANCIAL HIGHLIGHTS Continued

	Period Ended
	March 31, 20111
Class Y	(Unaudited)
Per Share Operating Data
Net asset value, beginning of period	$	10.46
Income (loss) from investment operations:
Net investment income2		.11
Net realized and unrealized loss		(.11	)
Total from investment operations		—
Dividends and/or distributions to shareholders:
Dividends from net investment income		(.10	)
Net asset value, end of period	$	10.36
Total Return, at Net Asset Value3		0.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,102
Average net assets (in thousands)	$	784
Ratios to average net assets:4
Net investment income		6.86	%
Expenses excluding interest and fees on short-term floating rate notes issued and interest and fees from borrowings		0.50	%
Interest and fees from borrowings		0.11	%
Interest and fees on short-term floating rate notes issued5		0.16	%
Total expenses		0.77	%
Expenses after payments, waivers and/or reimbursements and reduction to custodian expenses		0.77	%
Portfolio turnover rate		13	%

1.	For the period from January 31, 2011 (inception of offering) to March 31, 2011.
2.	Per share amounts calculated based on the average shares outstanding during the period.
3.	Assumes an initial investment on the business day before the first day of the fiscal period, with all dividends and distributions reinvested in additional shares on the reinvestment date, and redemption at the net asset value calculated on the last business day of the fiscal period. Sales charges are not reflected in the total returns. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
4.	Annualized for periods less than one full year.
5.	Interest and fee expense relates to the Fund’s liability for short-term floating rate notes issued in conjunction with inverse floating rate security transactions.

See accompanying Notes to Financial Statements.

38 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited

1. Significant Accounting Policies

Oppenheimer AMT-Free New York Municipals (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund’s investment objective is to seek the maximum current income exempt from federal, New York State and New York City income taxes for individual investors consistent with preservation of capital. The Fund’s investment adviser is OppenheimerFunds, Inc. (the “Manager”).

     The Fund offers Class A, Class B, Class C and Class Y shares. Class A shares are sold at their offering price, which is normally net asset value plus a front-end sales charge. Class B and Class C shares are sold without a front-end sales charge but may be subject to a contingent deferred sales charge (“CDSC”). Class Y shares are sold to certain institutional investors or intermediaries without either a front-end sales charge or a CDSC, however, the intermediaries may impose charges on their accountholders who beneficially own Class Y shares. All classes of shares have identical rights and voting privileges with respect to the Fund in general and exclusive voting rights on matters that affect that class alone. Earnings, net assets and net asset value per share may differ due to each class having its own expenses, such as transfer and shareholder servicing agent fees and shareholder communications, directly attributable to that class. Class A, B and C shares have separate distribution and/or service plans under which they pay fees. Class Y shares do not pay such fees. Class B shares will automatically convert to Class A shares 72 months after the date of purchase. Class Y shares were first publicly offered on January 31, 2011.

     The following is a summary of significant accounting policies consistently followed by the Fund.

Securities Valuation. The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

     Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Unadjusted quoted prices in active markets for identical securities are classified as “Level 1,” observable market inputs other than unadjusted quoted prices are classified as “Level 2” and significant unobservable inputs, including the Manager’s judgment about the assumptions that a market participant would use in pricing an asset or liability, are classified as “Level 3.” The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. A table summarizing the Fund’s investments under these levels of classification is included following the Statement of Investments.

     Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by portfolio pricing services approved by the Board of Trustees or dealers.

     Securities traded on a registered U.S. securities exchange are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. Securities whose principal exchange is NASDAQ^® are valued based on the official closing prices reported by NASDAQ prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued

39 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A foreign security traded on a foreign exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the portfolio pricing service used by the Manager, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the most recent official closing price on the principal exchange on which it is traded.

     Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

     U.S. domestic and international debt instruments (including corporate, government, municipal, mortgage-backed, collateralized mortgage obligations and asset-backed securities) and “money market-type” debt instruments with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing price quotations obtained from independent pricing services or broker-dealers. Such prices are typically determined based upon information obtained from market participants including reported trade data, broker-dealer price quotations and inputs such as benchmark yields and issuer spreads from identical or similar securities.

     “Money market-type” debt instruments with remaining maturities of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value.

     In the absence of a current price quotation obtained from an independent pricing service or broker-dealer, including for securities whose values have been materially affected by what the Manager identifies as a significant event occurring before the Fund’s assets are valued but after the close of the securities’ respective exchanges, the Manager, acting through its internal valuation committee, in good faith determines the fair valuation of that asset using consistently applied procedures under the supervision of the Board of Trustees (which reviews those fair valuations by the Manager). Those procedures include certain standardized methodologies to fair value securities. Such methodologies include, but are not limited to, pricing securities initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be adjusted for any discounts related to resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

     There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Certain of these securities may be leveraged, whereby the interest rate varies inversely at a multiple of the

40 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

change in short-term rates. As interest rates rise, inverse floaters produce less current income. The price of such securities is more volatile than comparable fixed rate securities. The Fund may expose up to 20% of its total assets to the effects of leverage from its investments in inverse floaters. The Fund’s exposure to the effects of leverage from its investments in inverse floaters amount to $185,290,000 as of March 31, 2011, which represents 14.55% of the Fund’s total assets.

     Certain inverse floating rate securities are created when the Fund purchases and subsequently transfers a municipal bond security (the “municipal bond”) to a broker dealer. The municipal bond is typically a fixed rate security. The broker dealer (the “sponsor”) creates a trust (the “Trust”) and deposits the municipal bond. The Trust issues short-term floating rate notes available to third parties and a residual interest in the municipal bond (referred to as an “inverse floating rate security”) to the Fund. The terms of these inverse floating rate securities grant the Fund the right to require that the Trust issuing the inverse floating rate security compel a tender of the short-term floating rate notes to facilitate the Fund’s repurchase of the underlying municipal bond. Following such a request, the Fund pays the sponsor the principal amount due to the holders of the short-term floating rate notes issued by the Trust and exchanges the inverse floating rate security for the underlying municipal bond. These transactions are considered secured borrowings for financial reporting purposes. As a result of such accounting treatments, the Fund includes the municipal bond position on its Statement of Investments (but does not separately include the inverse floating rate securities received). The Fund also includes the value of the municipal bond and a payable amount equal to the short-term floating rate notes issued by the Trust on its Statement of Assets and Liabilities. The interest rates on these short-term floating rate notes reset periodically, usually weekly. The holders of these short-term floating rate notes have the option to tender their investment, to the sponsor or the Trust’s liquidity provider, for redemption at par at each reset date. Income from the municipal bond position and the interest expense on the payable for the short-term floating rate notes issued by the Trust are recorded on the Fund’s Statement of Operations. At March 31, 2011, municipal bond holdings with a value of $288,641,272 shown on the Fund’s Statement of Investments are held by such Trusts and serve as collateral for the $185,290,000 in short-term floating rate notes issued and outstanding at that date.

     The Fund’s investments in inverse floaters involve certain risks. The market value of an inverse floating rate security can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Typically, an inverse floating rate security tends to underperform fixed rate bonds when long-term interest rates are rising but tends to outperform fixed rate bonds when long-term interest rates are stable or falling. An inverse floating rate security entails a degree of leverage because the trust issues short-term securities in a ratio to the inverse floating rate security with the underlying long-term bond providing collateral for the obligation to pay the principal value of the short-term securities if and when they are tendered. If the Fund has created the inverse floater by depositing a long-term bond into a trust, it may be required to provide additional collateral for the short-term securities if the value of the underlying bond deposited in the trust falls.

41 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

At March 31, 2011, the Fund’s residual exposure to these types of inverse floating rate securities were as follows:

Principal			Coupon			Maturity
Amount		Inverse Floater1	Rate2			Date		Value
$	2,240,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester) ROLs3		10.770	%		8/15/35	$	2,530,640
	5,000,000	Monroe County, NY Industrial Devel. Corp. (Unity Hospital Rochester) ROLs3		10.270			8/15/40		5,130,800
	10,000,000	NY Liberty Devel. Corp. (One Bryant Park) ROLs3		10.570			1/15/46		9,653,400
	15,000,000	NY Liberty Devel. Corp. ROLs3		8.128			1/15/44		12,285,600
	6,670,000	NYC GO DRIVERS		12.750			11/15/31		7,601,666
	2,750,000	NYC GO ROLs		18.165			3/1/26		3,214,420
	3,750,000	NYC GO ROLs3		19.209			4/1/36		3,954,300
	10,000,000	NYC Municipal Water Finance Authority ROLs3		19.716			6/15/40		11,126,000
	4,160,000	NYC Municipal Water Finance Authority ROLs3		17.045			6/15/37		3,575,562
	10,000,000	NYC Transitional Finance Authority ROLs3		7.921			1/15/29		9,638,200
	10,000,000	NYS DA (Personal Income Tax) DRIVERS		7.734			9/15/31		9,530,600
	6,670,000	NYS DA (State Personal Income Tax Authority)		13.075			3/15/36		8,084,907
	11,665,000	Puerto Rico Sales Tax Financing Corp. ROLs3		14.139			8/1/57		9,339,582
	3,250,000	Puerto Rico Sales Tax Financing Corp. ROLs3		17.368			8/1/57		3,294,850
	3,995,000	SONYMA ROLs		16.121			10/1/39		4,390,745
								$	103,351,272

1.	For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table on page 29 of the Statement of Investments.
2.	Represents the current interest rate for a variable rate bond known as an “inverse floater.”
3.	Security is subject to a shortfall and forbearance agreement.

The Fund enters into shortfall and forbearance agreements with the sponsors of certain inverse floaters held by the Fund. These agreements commit the Fund to reimburse the sponsor of the inverse floater, in certain circumstances, for the amount of the difference between the liquidation value of the underlying security (which is the basis of the inverse floater) and the principal amount due to the holders of the short-term floating rate notes issued by the Trust in conjunction with the inverse floating rate security. Under the standard terms of an inverse floating rate security, absent such a shortfall and forbearance agreement, the Fund would not be required to make such a reimbursement. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in such inverse floating rate securities, if it deems it appropriate to do so. As of March 31, 2011, in addition to the exposure detailed in the preceding table, the Fund’s maximum exposure under such agreements is estimated at $132,405,000.

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities

42 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of March 31, 2011 is as follows:

Cost	$	822,737
Market Value	$	492,092
Market Value as a % of Net Assets		0.05	%

The Fund has entered into forbearance agreements with certain obligors under which the Fund has agreed to temporarily forego receipt of the original principal or coupon interest rates. As of March 31, 2011, securities with an aggregate market value of $3,163,720, representing 0.30% of the Fund’s net assets, were subject to these forbearance agreements. Interest payments of $108,500 are contractually owed to the Fund with respect to these securities and will not be collected under these forbearance agreements.

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

Allocation of Income, Expenses, Gains and Losses. Income, expenses (other than those attributable to a specific class), gains and losses are allocated on a daily basis to each class of shares based upon the relative proportion of net assets represented by such class. Operating expenses directly attributable to a specific class are charged against the operations of that class.

Federal Taxes. The Fund intends to comply with provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its investment company taxable income, including any net realized gain on investments not offset by capital loss carryforwards, if any, to shareholders. Therefore, no federal income or excise tax provision is required. The Fund files income tax returns in U.S. federal and applicable state jurisdictions. The statute of limitations on the Fund’s tax return filings generally remain open for the three preceding fiscal reporting period ends.

During the fiscal year ended September 30, 2010, the Fund did not utilize any capital loss carryforward to offset capital gains realized in that fiscal year. As of September 30, 2010, the Fund had unused capital loss carryforwards as follows:

Expiring
2016	$	6,750,776
2017		26,431,288
2018		43,255,092
Total	$	76,437,156

As of March 31, 2011, the Fund had available for federal income tax purposes an estimated capital loss carryforward of $90,949,529, of which $14,512,373 expires in 2019. This estimated capital loss carryforward represents carryforward as of the end of the last fiscal year, increased for losses deferred under tax accounting rules to the current fiscal year and is

43 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

increased or decreased by capital losses or gains realized in the first six months of the current fiscal year. During the six months ended March 31, 2011, it is estimated that the Fund will not utilize any capital loss carryforward to offset realized capital gains.

     Net investment income (loss) and net realized gain (loss) may differ for financial statement and tax purposes. The character of dividends and distributions made during the fiscal year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to timing of dividends and distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or net realized gain was recorded by the Fund.

The aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of March 31, 2011 are noted in the following table. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses or tax realization of financial statement unrealized gain or loss.

Federal tax cost of securities	$	1,261,945,8561
Gross unrealized appreciation	$	12,640,927
Gross unrealized depreciation		(216,229,055	)
Net unrealized depreciation	$	(203,588,128	)

1. The Federal tax cost of securities does not include cost of $188,785,763, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note above.

Trustees’ Compensation. The Fund has adopted an unfunded retirement plan (the “Plan”) for the Fund’s independent trustees. Benefits are based on years of service and fees paid to each trustee during their period of service. The Plan was frozen with respect to adding new participants effective December 31, 2006 (the “Freeze Date”) and existing Plan Participants as of the Freeze Date will continue to receive accrued benefits under the Plan. Active independent trustees as of the Freeze Date have each elected a distribution method with respect to their benefits under the Plan. During the six months ended March 31, 2011, the Fund’s projected benefit obligations, payments to retired trustees and accumulated liability were as follows:

Projected Benefit Obligations Increased	$	1,565
Payments Made to Retired Trustees		13,477
Accumulated Liability as of March 31, 2011		102,590

The Board of Trustees has adopted a compensation deferral plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Fund. For purposes of determining the amount owed to the Trustee under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of the Fund or in other

44 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Oppenheimer funds selected by the Trustee. The Fund purchases shares of the funds selected for deferral by the Trustee in amounts equal to his or her deemed investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets are included as a component of “Other” within the asset section of the Statement of Assets and Liabilities. Deferral of trustees’ fees under the plan will not affect the net assets of the Fund, and will not materially affect the Fund’s assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the compensation deferral plan.

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders, which are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles, are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made to shareholders prior to the Fund’s fiscal year end may ultimately be categorized as a tax return of capital.

Investment Income. Interest income is recognized on an accrual basis. Discount and premium, which are included in interest income on the Statement of Operations, are amortized or accreted daily.

Custodian Fees. “Custodian fees and expenses” in the Statement of Operations may include interest expense incurred by the Fund on any cash overdrafts of its custodian account during the period. Such cash overdrafts may result from the effects of failed trades in portfolio securities and from cash outflows resulting from unanticipated shareholder redemption activity. The Fund pays interest to its custodian on such cash overdraft at a rate equal to the 1 Month LIBOR Rate plus 2.00%. The “Reduction to custodian expenses” line item, if applicable, represents earnings on cash balances maintained by the Fund during the period. Such interest expense and other custodian fees may be paid with these earnings.

Security Transactions. Security transactions are recorded on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

Indemnifications. The Fund’s organizational documents provide current and former trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Other. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

1. Significant Accounting Policies Continued

of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

2. Shares of Beneficial Interest

The Fund has authorized an unlimited number of $0.001 par value shares of beneficial interest of each class. Transactions in shares of beneficial interest were as follows:

	Six Months Ended March 31, 20111						Year Ended September 30, 2010
	Shares			Amount			Shares			Amount
Class A
Sold		5,664,596		$	62,437,328			10,037,034		$	115,542,020
Dividends and/or
distributions reinvested		1,986,264			21,619,832			3,693,090			42,534,250
Redeemed		(15,003,023	)		(163,101,686	)		(18,002,589	)		(206,844,320	)
Net decrease		(7,352,163	)	$	(79,044,526	)		(4,272,465	)	$	(48,768,050	)
Class B
Sold		62,498		$	687,107			150,352		$	1,729,008
Dividends and/or
distributions reinvested		26,337			286,885			52,846			608,456
Redeemed		(303,085	)		(3,289,660	)		(473,159	)		(5,423,618	)
Net decrease		(214,250	)	$	(2,315,668	)		(269,961	)	$	(3,086,154	)
Class C
Sold		812,885		$	8,909,208			1,926,065		$	22,111,402
Dividends and/or
distributions reinvested		208,989			2,275,655			384,897			4,434,683
Redeemed		(2,392,735	)		(25,930,381	)		(2,665,475	)		(30,460,388	)
Net decrease		(1,370,861	)	$	(14,745,518	)		(354,513	)	$	(3,914,303	)
Class Y
Sold		202,355		$	2,109,877			—		$	—
Dividends and/or
distributions reinvested		554			5,808			—			—
Redeemed		—			—			—			—
Net increase		202,909		$	2,115,685			—		$	—

1. For the six months ended March 31, 2011, for Class A, B, and C shares, and for the period from January 31, 2011 (inception of offering) to March 31, 2011 for Class Y shares.

3. Purchases and Sales of Securities

The aggregate cost of purchases and proceeds from sales of securities, other than short-term obligations, for the six months ended March 31, 2011, were as follows:

	Purchases		Sales
Investment securities	$	177,717,602	$	299,580,122

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4. Fees and Other Transactions with Affiliates

Management Fees. Under the investment advisory agreement, the Fund pays the Manager a management fee based on the daily net assets of the Fund at an annual rate as shown in the following table:

Fee Schedule
Up to $200 million	0.60	%
Next $100 million	0.55
Next $200 million	0.50
Next $250 million	0.45
Next $250 million	0.40
Over $1 billion	0.35

Administration Service Fees. The Fund pays the Manager a fee of $1,500 per year for preparing and filing the Fund’s tax returns.

Transfer Agent Fees. OppenheimerFunds Services (“OFS”), a division of the Manager, acts as the transfer and shareholder servicing agent for the Fund. The Fund pays OFS a per account fee. For the six months ended March 31, 2011, the Fund paid $198,995 to OFS for services to the Fund.

     Additionally, Class Y shares are subject to minimum fees of $10,000 annually for assets of $10 million or more. The Class Y shares are subject to the minimum fees in the event that the per account fee does not equal or exceed the applicable minimum fees. OFS may voluntarily waive the minimum fees.

Distribution and Service Plan (12b-1) Fees. Under its General Distributor’s Agreement with the Fund, OppenheimerFunds Distributor, Inc. (the “Distributor”) acts as the Fund’s principal underwriter in the continuous public offering of the Fund’s classes of shares.

Service Plan for Class A Shares. The Fund has adopted a Service Plan (the “Plan”) for Class A shares under Rule 12b-1 of the Investment Company Act of 1940. Under the Plan, the Fund reimburses the Distributor for a portion of its costs incurred for services provided to accounts that hold Class A shares. Reimbursement is made periodically at an annual rate of up to 0.25% of the daily net assets of Class A shares of the Fund. The Distributor currently uses all of those fees to pay dealers, brokers, banks and other financial institutions periodically for providing personal service and maintenance of accounts of their customers that hold Class A shares. Any unreimbursed expenses the Distributor incurs with respect to Class A shares in any fiscal year cannot be recovered in subsequent periods. Fees incurred by the Fund under the Plan are detailed in the Statement of Operations.

Distribution and Service Plans for Class B and Class C Shares. The Fund has adopted Distribution and Service Plans (the “Plans”) for Class B and Class C shares under Rule 12b-1 of the Investment Company Act of 1940 to compensate the Distributor for its services in connection with the distribution of those shares and servicing accounts. Under the Plans, the Fund pays the Distributor an annual asset-based sales charge of 0.75% on Class B and

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

4. Fees and Other Transactions with Affiliates Continued

Class C shares daily net assets. The Distributor also receives a service fee of 0.25% per year under each plan. If either the Class B or Class C plan is terminated by the Fund or by the shareholders of a class, the Board of Trustees and its independent trustees must determine whether the Distributor shall be entitled to payment from the Fund of all or a portion of the service fee and/or asset-based sales charge in respect to shares sold prior to the effective date of such termination. Fees incurred by the Fund under the Plans are detailed in the Statement of Operations. The Distributor determines its uncompensated expenses under the Plans at calendar quarter ends. The Distributor’s aggregate uncompensated expenses under the Plans at March 31, 2011 were as follows:

Class B	$	1,620,875
Class C		2,238,728

Sales Charges. Front-end sales charges and contingent deferred sales charges (“CDSC”) do not represent expenses of the Fund. They are deducted from the proceeds of sales of Fund shares prior to investment or from redemption proceeds prior to remittance, as applicable. The sales charges retained by the Distributor from the sale of shares and the CDSC retained by the Distributor on the redemption of shares is shown in the following table for the period indicated.

			Class A		Class B		Class C
	Class A		Contingent		Contingent		Contingent
	Front-End		Deferred		Deferred		Deferred
	Sales Charges		Sales Charges		Sales Charges		Sales Charges
Six Months	Retained by		Retained by		Retained by		Retained by
Ended	Distributor		Distributor		Distributor		Distributor
March 31, 2011	$	48,075	$	24,875	$	18,211	$	6,259

Waivers and Reimbursements of Expenses. The Manager has voluntarily agreed to reimburse the Fund for a portion of the legal costs and fees incurred in connection with the pending litigation matters discussed in the “Pending Litigation” note which appears later in this report. During the six months ended March 31, 2011, the Manager reimbursed the Fund $33,421 for legal costs and fees.

     OFS has voluntarily agreed to limit transfer and shareholder servicing agent fees for all classes to 0.35% of average annual net assets per class.

     Some of these undertakings may be modified or terminated at any time; some may not be modified or terminated until after one year from the date of the current prospectus, as indicated therein.

5. Borrowings

The Fund can borrow money from banks in amounts up to one third of its total assets (including the amount borrowed) less all liabilities and indebtedness other than borrowings. The Fund can use those borrowings for investment-related purposes such as purchasing portfolio securities. The Fund also may borrow to meet redemption obligations or for temporary and emergency purposes.

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     The Fund can also use the borrowings for other investment-related purposes, including in connection with the Fund’s inverse floater investments as discussed in Note 1 (Inverse Floating Rate Securities). The Fund may use the borrowings to reduce the leverage amount of, or unwind or “collapse” trusts that issued “inverse floaters” owned by the Fund, or in circumstances in which the Fund has entered into a shortfall and forbearance agreement with the sponsor of the inverse floater trust to meet the Fund’s obligation to reimburse the sponsor of the inverse floater for the difference between the liquidation value of the underlying bond and the amount due to holders of the short-term floating rate notes issued by the Trust.

     The purchase of securities with borrowed funds creates leverage in the Fund. The use of leverage will subject the Fund to greater costs than funds that do not borrow for leverage, and may also make the Fund’s share price more sensitive to interest changes. The interest on borrowed money is an expense that might reduce the Fund’s yield. Expenses incurred by the Fund with respect to interest on borrowings and commitment fees are disclosed separately or as other expenses on the Statement of Operations.

     The Fund entered into a Revolving Credit and Security Agreement (the “Agreement”) with conduit lenders and Citibank N.A. which enables it to participate with certain other Oppenheimer funds in a committed, secured borrowing facility that permits borrowings of up to $2.25 billion, collectively. To secure the loan, the Fund pledges investment securities in accordance with the terms of the Agreement. Securities held in collateralized accounts to cover these borrowings are noted in the Statement of Investments. Interest is charged to the Fund, based on its borrowings, at current commercial paper issuance rates (0.2386% as of March 31, 2011). The Fund pays additional fees annually to its lender on its outstanding borrowings to manage and administer the facility. The Fund is also allocated its pro-rata share of an annual structuring fee and ongoing commitment fees both of which are based on the total facility size. Total fees and interest that are included in expenses on the Fund’s Statement of Operations related to its participation in the borrowing facility during the six months ended March 31, 2011 equal 0.10% of the Fund’s average net assets on an annualized basis. The Fund has the right to prepay such loans and terminate its participation in the conduit loan facility at any time upon prior notice.

As of March 31, 2011, the Fund had borrowings outstanding at an interest rate of 0.2386%. Details of the borrowings for the six months ended March 31, 2011 are as follows:

Average Daily Loan Balance	$	31,056,044
Average Daily Interest Rate		0.280	%
Fees Paid	$	782,303
Interest Paid	$	44,369

6. Reverse Repurchase Agreements

The Fund may engage in reverse repurchase agreements. A reverse repurchase agreement is the sale of one or more securities to a counterparty at an agreed-upon purchase price with the simultaneous agreement to repurchase those securities on a future date at a

49 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

6. Reverse Repurchase Agreements Continued

higher repurchase price. The repurchase price represents the repayment of the purchase price and interest accrued thereon over the term of the repurchase agreement. The cash received by the Fund in connection with a reverse repurchase agreement may be used for investment-related purposes such as purchasing portfolio securities or for other purposes such as those described in the preceding “Borrowings” note.

     The Fund entered into a Committed Repurchase Transaction Facility (the “Facility”) with J.P. Morgan Securities LLC (the “counterparty”) which enables it to participate with certain other Oppenheimer funds in a committed reverse repurchase agreement facility that permits aggregate outstanding reverse repurchase agreements of up to $750 million, collectively. Interest is charged to the Fund on the purchase price of outstanding reverse repurchase agreements at current LIBOR rates plus an applicable spread. The Fund is also allocated its pro-rata share of an annual structuring fee based on the total Facility size and ongoing commitment fees based on the total unused amount of the Facility. The Fund retains the economic exposure to fluctuations in the value of securities subject to reverse repurchase agreements under the Facility and therefore these transactions are considered secured borrowings for financial reporting purposes. The Fund also continues to receive the economic benefit of interest payments received on securities subject to reverse repurchase agreements, in the form of a direct payment from the counterparty. These payments are included in interest income on the Statement of Operations. Total fees and interest related to the Fund’s participation in the Facility during the six months ended March 31, 2011 are included in expenses on the Fund’s Statement of Operations and equal 0.01% of the Fund’s average net assets on an annualized basis.

     The securities subject to reverse repurchase agreements under the Facility are valued on a daily basis. To the extent this value, after adjusting for certain margin requirements of the Facility, exceeds the cash proceeds received, the Fund may request the counter-party to return securities equal in margin value to this excess. To the extent that the cash proceeds received exceed the margin value of the securities subject to the transaction, the counterparty may request additional securities from the Fund. The Fund has the right to declare the first or fifteenth day of any calendar month as the repurchase date for any outstanding reverse repurchase agreement upon delivery of advanced notification and may also recall any security subject to such a transaction by substituting eligible securities of equal or greater margin value according to the Facility’s terms.

     Securities subject to reverse repurchase agreements are separately noted in the Statement of Investments. The Fund executed no transactions under the Facility during the six months ended March 31, 2011.

7. Pending Litigation

Since 2009, a number of lawsuits have been pending in federal courts against the Manager, the Distributor, and certain mutual funds advised by the Manager and distributed by the Distributor — including the Fund. The lawsuits naming the Fund as a defendant also name as

50 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

defendants certain officers and current and former trustees of the Fund. The plaintiffs seek class action status on behalf of purchasers of shares of the Fund during a particular time period. The lawsuits raise claims under federal securities laws alleging that, among other things, the disclosure documents of the Fund contained misrepresentations and omissions, that the Fund’s investment policies were not followed, and that the Fund and the other defendants violated federal securities laws and regulations and certain state laws. The plaintiffs seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. Litigation involving certain other Oppenheimer funds is similar in nature.

     In 2009, what are claimed to be derivative lawsuits were filed in state court against the Manager and a subsidiary (but not against the Fund), on behalf of the New Mexico Education Plan Trust. These lawsuits allege breach of contract, breach of fiduciary duty, negligence and violation of state securities laws, and seek compensatory damages, equitable relief and an award of attorneys’ fees and litigation expenses.

     Other lawsuits have been filed since 2008 in various state and federal courts, against the Manager and certain of its affiliates. Those lawsuits were filed by investors who made investments through an affiliate of the Manager, and relate to the alleged investment fraud perpetrated by Bernard Madoff and his firm (“Madoff”). Those suits allege a variety of claims, including breach of fiduciary duty, fraud, negligent misrepresentation, unjust enrichment, and violation of federal and state securities laws and regulations, among others. They seek unspecified damages, equitable relief and an award of attorneys’ fees and litigation expenses. None of the suits have named the Distributor, any of the Oppenheimer mutual funds or any of their independent Trustees or Directors, as defendants. None of the Oppenheimer funds invested in any funds or accounts managed by Madoff. On February 28, 2011, a Stipulation of Partial Settlement of certain of those lawsuits was filed in the U.S. District Court for the Southern District of New York. That proposed settlement is subject to final approval of the Court and the determination by the settling defendants that class members representing a sufficient proportion of the losses allegedly suffered by class members had elected to participate in the settlement. The proposed settlement does not settle any of the other outstanding lawsuits pending in other courts relating to these matters.

     The Manager believes that the lawsuits described above are without legal merit and is defending against them vigorously. The Fund’s Board of Trustees has also engaged counsel to represent the Fund and the present and former Independent Trustees named in those suits. While it is premature to render any opinion as to the outcome in these lawsuits, or whether any costs that the Fund may bear in defending the suits might not be reimbursed by insurance, the Manager believes that these suits should not have any material effect on the operations of the Fund, that the outcome of all of the suits together should not impair the ability of the Manager or the Distributor to perform their respective duties to the Fund, and that the outcome of all of the suits together should not have any material effect on the operations of any of the Oppenheimer funds.

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NOTES TO FINANCIAL STATEMENTS Unaudited / Continued

8. Subsequent Event

The Regulated Investment Company Modernization Act of 2010 (the “ Act”) was signed into law on December 22, 2010. The Act makes changes to a number of tax rules impacting the Fund. Although the Act provides a number of benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of a fund’s prior year capital loss carryovers will expire unused. In general, the provisions of the Act will be effective for the Fund’s fiscal year ending 2012. Specific information regarding the impact of the Act on the Fund will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending 2012.

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PORTFOLIO PROXY VOTING POLICIES AND PROCEDURES; UPDATES TO STATEMENTS OF INVESTMENTS Unaudited

The Fund has adopted Portfolio Proxy Voting Policies and Procedures under which the Fund votes proxies relating to securities (“portfolio proxies”) held by the Fund. A description of the Fund’s Portfolio Proxy Voting Policies and Procedures is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, (ii) on the Fund’s website at www.oppenheimerfunds.com, and (iii) on the SEC’s website at www.sec.gov. In addition, the Fund is required to file Form N-PX, with its complete proxy voting record for the 12 months ended June 30th, no later than August 31st of each year. The Fund’s voting record is available (i) without charge, upon request, by calling the Fund toll-free at 1.800.525.7048, and (ii) in the Form N-PX filing on the SEC’s website at www.sec.gov.

     The Fund files its complete schedule of portfolio holdings with the SEC for the first quarter and the third quarter of each fiscal year on Form N-Q. The Fund’s Form N-Q filings are available on the SEC’s website at www.sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Householding—Delivery of Shareholder Documents

This is to inform you about OppenheimerFunds’ “householding” policy. If more than one member of your household maintains an account in a particular fund, OppenheimerFunds will mail only one copy of the fund’s prospectus (or, if available, the fund’s summary prospectus), annual and semiannual report and privacy policy. The consolidation of these mailings, called householding, benefits your fund through reduced mailing expense, and benefits you by reducing the volume of mail you receive from OppenheimerFunds. Householding does not affect the delivery of your account statements.

     Please note that we will continue to household these mailings for as long as you remain an OppenheimerFunds shareholder, unless you request otherwise. If you prefer to receive multiple copies of these materials, please call us at 1.800.CALL-OPP (225-5677). You may also notify us in writing or via email. We will begin sending you individual copies of the prospectus (or, if available, the summary prospectus), reports and privacy policy within 30 days of receiving your request to stop householding.

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OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Trustees and Officers	Brian F. Wruble, Chairman of the Board of Trustees and Trustee
	David K. Downes, Trustee
	Matthew P. Fink, Trustee
	Phillip A. Griffiths, Trustee
	Mary F. Miller, Trustee
	Joel W. Motley, Trustee
	Mary Ann Tynan, Trustee
	Joseph M. Wikler, Trustee
	Peter I. Wold, Trustee
	William F. Glavin, Jr., President and Principal Executive Officer
	Daniel G. Loughran, Vice President and Senior Portfolio Manager
	Scott S. Cottier, Vice President and Senior Portfolio Manager
	Troy E. Willis, Vice President and Senior Portfolio Manager
	Mark R. DeMitry, Vice President and Senior Portfolio Manager
	Michael L. Camarella, Vice President and Senior Portfolio Manager
	Richard Stein, Vice President
	Arthur S. Gabinet, Secretary
	Thomas W. Keffer, Vice President and Chief Business Officer
	Mark S. Vandehey, Vice President and Chief Compliance Officer
	Brian W. Wixted, Treasurer and Principal Financial & Accounting Officer
	Robert G. Zack, Vice President
Manager	OppenheimerFunds, Inc.
Distributor	OppenheimerFunds Distributor, Inc.
Transfer and Shareholder Servicing Agent	OppenheimerFunds Services
Independent Registered Public Accounting Firm	KPMG llp
Legal Counsel	Kramer Levin Naftalis & Frankel LLP
	The financial statements included herein have been taken from the records of the Fund without examination of those records by the independent registered public accounting firm.

^©2011 OppenheimerFunds, Inc. All rights reserved.

54 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

PRIVACY POLICY NOTICE

As an Oppenheimer fund shareholder, you are entitled to know how we protect your personal information and how we limit its disclosure.

Information Sources

We obtain nonpublic personal information about our shareholders from the following sources:

• Applications or other forms

• When you create a user ID and password for online account access

• When you enroll in eDocs Direct, our electronic document delivery service

• Your transactions with us, our affiliates or others

• A software program on our website, often referred to as a “cookie,” which indicates which parts of our site you’ve visited

• When you set up challenge questions to reset your password online

If you visit www.oppenheimerfunds.com and do not log on to the secure account information areas, we do not obtain any personal information about you. When you do log on to a secure area, we do obtain your user ID and password to identify you. We also use this information to provide you with products and services you have requested, to inform you about products and services that you may be interested in and assist you in other ways.

We do not collect personal information through our website unless you willingly provide it to us, either directly by email or in those areas of the website that request information. In order to update your personal information (including your mailing address, email address and phone number) you must first log on and visit your user profile.

If you have set your browser to warn you before accepting cookies, you will receive the warning message with each cookie. You can refuse cookies by turning them off in your browser. However, doing so may limit your access to certain sections of our website.

We use cookies to help us improve and manage our website. For example, cookies help us recognize new versus repeat visitors to the site, track the pages visited, and enable some special features on the website. This data helps us provide a better service for our website visitors.

Protection of Information

We do not disclose any non-public personal information (such as names on a customer list) about current or former customers to anyone, except as permitted by law.

Disclosure of Information

We send your financial advisor (as designated by you) copies of confirmations, account statements and other documents reporting activity in your fund accounts. We may also use details about you and your investments to help us, our financial service affiliates, or firms that jointly market their financial products and services with ours, to better serve your investment needs or suggest financial services or educational material that may be of interest to you. If this requires us to provide you with an opportunity to “opt in” or “opt out” of such information sharing with a firm not affiliated with us, you will receive notification on how to do so, before any such sharing takes place.

Right of Refusal

We will not disclose your personal information to unaffiliated third parties (except as permitted by law), unless we first offer you a reasonable opportunity to refuse or “opt out” of such disclosure.

55 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

PRIVACY POLICY NOTICE

Internet Security and Encryption

In general, the email services provided by our website are encrypted and provide a secure and private means of communication with us. To protect your own privacy, confidential and/or personal information should only be communicated via email when you are advised that you are using a secure website.

As a security measure, we do not include personal or account information in non-secure emails, and we advise you not to send such information to us in non-secure emails. Instead, you may take advantage of the secure features of our website to encrypt your email correspondence. To do this, you will need to use a browser that supports Secure Sockets Layer (SSL) protocol.

We do not guarantee or warrant that any part of our website, including files available for download, are free of viruses or other harmful code. It is your responsibility to take appropriate precautions, such as use of an anti-virus software package, to protect your computer hardware and software.

• All transactions, including redemptions, exchanges and purchases, are secured by SSL and 128-bit encryption. SSL is used to establish a secure connection between your PC and OppenheimerFunds’ server. It transmits information in an encrypted and scrambled format.

• Encryption is achieved through an electronic scrambling technology that uses a “key” to code and then decode the data. Encryption acts like the cable converter box you may have on your television set. It scrambles data with a secret code so that no one can make sense of it while it is being transmitted. When the data reaches its destination, the same software unscrambles the data.

• You can exit the secure area by either closing your browser, or for added security, you can use the Log Out button before you close your browser.

Other Security Measures

We maintain physical, electronic and procedural safeguards to protect your personal account information. Our employees and agents have access to that information only so that they may offer you products or provide services, for example, when responding to your account questions.

How You Can Help

You can also do your part to keep your account information private and to prevent unauthorized transactions. If you obtain a user ID and password for your account, do not allow it to be used by anyone else. Also, take special precautions when accessing your account on a computer used by others.

Who We Are

This joint notice describes the privacy policies of the Oppenheimer funds, OppenheimerFunds Distributor, Inc., the trustee of OppenheimerFunds Individual Retirement Accounts (IRAs) and the custodian of the OppenheimerFunds 403(b)(7) tax sheltered custodial accounts. It applies to all Oppenheimer fund accounts you presently have, or may open in the future, using your Social Security number—whether or not you remain a shareholder of our funds. This notice was last updated January 16, 2004. In the event it is updated or changed, we will post an updated notice on our website at www.oppenheimerfunds.com. If you have any questions about these privacy policies, write to us at P.O. Box 5270, Denver, CO 80217-5270, email us by clicking on the Contact Us section of our website at www.oppenheimerfunds.com or call us at 1.800.525.7048.

56 | OPPENHEIMER AMT-FREE NEW YORK MUNICIPALS

Item 2. Code of Ethics.

Not applicable to semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable to semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable to semiannual reports.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments.

a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The Fund’s Governance Committee Provisions with Respect to Nominations of Directors/Trustees to the Respective Boards

1. The Fund’s Governance Committee (the “Committee”) will evaluate potential Board candidates to assess their qualifications. The Committee shall have the authority, upon approval of the Board, to retain an executive search firm to assist in this effort. The Committee may consider recommendations by business and personal contacts of current Board members and by executive search firms which the Committee may engage from time to time and may also consider shareholder recommendations. The Committee may consider the advice and recommendation of the Funds’ investment manager and its affiliates in making the selection.

2. The Committee shall screen candidates for Board membership. The Committee has not established specific qualifications that it believes must be met by a trustee nominee. In evaluating trustee nominees, the Committee considers, among other things, an individual’s background, skills, and experience; whether the individual is an “interested person” as defined in the Investment Company Act of 1940; and whether the individual would be deemed an “audit committee financial expert” within the meaning of applicable SEC rules. The Committee also considers whether the individual’s background, skills, and experience will complement the background, skills, and experience of other nominees and will contribute to the Board. There are no differences in the manner in which the Committee evaluates nominees for trustees based on whether the nominee is recommended by a shareholder.

3. The Committee may consider nominations from shareholders for the Board at such times as the Committee meets to consider new nominees for the Board. The Committee shall have the sole discretion to determine the candidates to present to the Board and, in such cases where required, to shareholders. Recommendations for trustee nominees should, at a minimum, be accompanied by the following:

• the name, address, and business, educational, and/or other pertinent background of the person being recommended;

• a statement concerning whether the person is an “interested person” as defined in the Investment Company Act of 1940;

• any other information that the Funds would be required to include in a proxy statement concerning the person if he or she was nominated; and

• the name and address of the person submitting the recommendation and, if that person is a shareholder, the period for which that person held Fund shares.

The recommendation also can include any additional information which the person submitting it believes would assist the Committee in evaluating the recommendation.

4. Shareholders should note that a person who owns securities issued by Massachusetts Mutual Life Insurance Company (the parent company of the Funds’ investment adviser) would be deemed an “interested person” under the Investment Company Act of 1940. In addition, certain other relationships with Massachusetts Mutual Life Insurance Company or its subsidiaries, with registered broker-dealers, or with the Funds’ outside legal counsel may cause a person to be deemed an “interested person.”

5. Before the Committee decides to nominate an individual as a trustee, Committee members and other directors customarily interview the individual in person. In addition, the individual customarily is asked to complete a detailed questionnaire which is designed to elicit information which must be disclosed under SEC and stock exchange rules and to determine whether the individual is subject to any statutory disqualification from serving as a trustee of a registered investment company.

Item 11. Controls and Procedures.

Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 03/31/2011, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

There have been no changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable to semiannual reports.

(2)	Exhibits attached hereto.
(3)	Not applicable.

(b) Exhibit attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Oppenheimer AMT-Free New York Municipals

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date: 05/10/2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date: 05/10/2011

By:	/s/Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date: 05/10/2011